Deal flow between companies based in Latin America’s hottest economy and the U.S. is picking up. In fact, just this week, Brazilian food company Marfrig Alimentos S.A. announced an agreement to acquire U.S. food distributor Keystone Foods for $1.7 billion. Meanwhile, one of Brazil’s biggest companies is consolidating operations with its U.S. unit while another is going in the exact opposite direction and planning an IPO of its U.S. unit. These deals and others continue the trend of recent deals launched from the land of Carnival into the home of Mardi Gras.

Some companies are consolidating their own assets. Brazilian steelmaker Gerdau S.A. is planning to purchase the 33.3% stake it does not already own in its North American unit – Gerdau Ameristeel. The Brazilian parent is offering $11.00 cash per share, which values the minority holdings in the unit at $1.6 billion. The Gerdau Ameristeel’s board has established a special committee to supervise the preparation of a formal valuation and oversee the finalization of a definitive agreement. The companies plan to effect the consolidation via a plan of arrangement and a special meeting of Gerdau Ameristeel shareholders to approve the transaction is scheduled for early in the third quarter of 2010.

Not all of Brazil’s global corporations are interested in taking over their U.S. units though. JBS S.A., a globe spanning meat company, is planning to IPO its U.S. unit. The New York IPO of JBS USA, however, has been delayed several times due to market volatility. The IPO could proceed in 2011.

via M&A: Brazil in the USA.