Stocks are poised to open more or less flat this morning, as traders work out the implications of a slew of big mergers announced today.

The mega-merger in the drug business is going ahead, with Amgen Inc. buying rival Immunex Corp. for U.S.$16 billion in cash and stock.

Vivendi Universal SA, Europe’s largest media company, is spending U.S.$10.3 billion for the entertainment business of USA Networks Inc.

Carnival Cruise Lines Inc., the largest cruise ship operator, has made a
£4.1 billion hostile offer for P&O Princess Cruises plc to thwart P&O’s takeover of Royal Caribbean Cruises Ltd.

The big local deal has the first insurance merger since demutualization, with Sun Life Financial Services of Canada Inc. buying smaller rival Clarica Life Insurance Co. for about $7.3 billion.

Finally, RWE AG, Europe’s fourth-largest utility, has won the auction for Transgas AS, the Czech Republic’s monopoly natural-gas importer, for U.S.$4.1 billion.

In other news, crude oil is down after an OPEC spokesman said the group may delay a production cut.

Canada’s Composite Index slipped 0.1% in November, while the estimates for September and October were revised from 0.1% growth to no change. In November, seven of 10 index components fell, led by losses in manufacturing, while two were up and one was unchanged.

In European, stocks are up led by CGNU plc, Siemens AG and Nokia Oyj, after German business confidence was reported up for the first time in four months in November. Traders hope Europe’s largest economy may recover next year. The FTSE is up 32 points to 5093. The CAC 40 has gained 69 points to 4409. The DAX is up 87 points to 4997.

Overnight in Asia, stocks were modestly weaker. The Nikkei dropped 188 points to 10323 after the Yen fell on reports that the government won’t try to defend the currency. The Hang Seng was more or less unchanged at 11466.

In other news, Open Text Corp. has announced its intention to make a $68.5 million offer for Accelio Corp. in cash.

Nexen Inc. announced a $1.24 billion capital investment program for 2002, focused on oil, gas and chemicals projects that target short, medium and long-term growth, down from $1.38 billion in 2001.