North American markets are likely to open little changed Monday despite a wave of merger activity and a decline in oil prices.

In business news, Shell Canada Ltd. has struck a friendly $2.4 billion deal to acquire BlackRock Ventures Inc., a Calgary-based heavy oil producer with significant operations in northern Alberta. Shell and BlackRock announced early Monday they had entered into an agreement under which Shell will offer $24 a share for the smaller company, valuing the transaction at about $2.4 billion.

Teck Cominco Ltd. is making a $17.8 billion takeover bid for Inco Ltd. – but only on the condition that the Canadian nickel giant drop its deal for rival Falconbridge Ltd. The offer for Inco amounts to $78.50 a share in cash or shares, Teck said Monday.

U.S. financial services firm Wachovia struck a US$26 billion deal to buy Golden West, the U.S.’s second-largest savings and loan. The purchase moves Wachovia deeper into the mortgage business, while extending its ambitions to become a national banking player.

Thermo Electron and Fisher Scientific International announced a US$10.6 billion all-stock deal that would create a massive supplier of scientific and lab equipment.

Over the weekend, Warren Buffett’s Berkshire Hathaway over the weekend agreed to buy 80% of a privately held Israeli tool maker, Iscar, for US$4 billion. Also at the company’s annual meeting, Mr. Buffett said he has a US$15 billion acquisition idea.

Crude-oil prices dropped below US$70 a barrel following an alleged letter from the Iranian president to the President Bush seeking to settle differences.

Light, sweet crude for June delivery gained 21¢ to US$70.40 a barrel in electronic trading on the New York Mercantile Exchange, midafternoon in Singapore. The contract on Friday rose 25¢ to settle at US$70.19 a barrel.

Overseas, several Asian stock markets advanced following last week’s holidays, while European markets scored more tepid gains.

United Kingdom newspaper the Sunday Telegraph reported that EMI Group may raise its bid for Warner Music to US$30 a share.

Japanese stokcs advanced after a three-day national holiday. The benchmark Nikkei 225 index added 137.90 points, or 0.8%, to finish the day’s trading at 17,291.67 points on the Tokyo Stock Exchange.

In Hong Kong, the Hang Seng Index rose 287.86 points, or 1.69%, to 17,301.79.

North American stocks rallied Friday, with Toronto’s senior exchange powered ahead by the continuing commodities boom and the New York market hopeful the U.S. Federal Reserve would take a pause in its cycle of interest rate hikes.

The S&P/TSX composite index shot up 144.24, or 1.19%, to 12,270.11.

In New York, the Dow Jones industrial average rose 138.88 points, or 1.2% to 11,577.74. On the week, the Dow rose 1.9%, the Nasdaq composite index climbed 18.67 points to 2,342.57, and gained 0.9% for the week, and the S&P 500 rose 13.51 points to 1,325.76, and was up 1.2% on the week.

The S&P/TSX Venture composite ndex was up 38.69, or 1.23%, to 3,176.43.