US STOCKS-Futures flat after M&A flurry as investors cautious

                                

                                
 * Sanofi discloses $18.5 bln Genzyme offer
                                
 * Intel to buy Infineon's wireless unit
                                
 * Personal income on tap
                                
 * Futures off: S&P 0.5 pt, Dow 11 pts, Nasdaq 1 pt
                                
 * For up-to-the-minute market news see [STXNEWS/US]
  (Adds Genzyme response, updates prices)
                                
 By Chuck Mikolajczak
                                
 NEW YORK, Aug 30 (Reuters) - U.S. stock index futures were
flat on Monday as investors awaited data on personal spending
for a signal the economy can avoid a double-dip recession and
after a flurry of mergers-and-acquisition activity.
                                
 France's Sanofi-Aventis <SASY.PA> disclosed a cash offer of
$18.5 billion, or $69 per share, for Genzyme Corp <GENZ.O>
after failing to start merger talks with the U.S. biotechnology
company. Genzyme's board rejected the proposal. For details,
see [ID:nN29251304] and [ID:nN30166711]
                                
 Shares of Genzyme rose 4.1 percent to $70.40 in premarket
trading, and U.S.-listed shares of Sanofi <SNY.N> were up
nearly 1 percent to $29.17.
                                
 German chipmaker Infineon Technologies AG <IFXGn.DE> agreed
to sell its wireless unit to Intel Corp <INTC.O> for $1.4
billion, enabling the U.S. chipmaker to boost its presence in
the smartphone market. [ID:nLDE67T04E]
                                
 Intel shed 0.1 percent to $18.35 in premarket.
                                
 "Investors are being a tad apprehensive as the market has
had a very fickle personality as of late," said Andre Bakhos,
director of market analytics at Lek Securities in New York. "In
addition to the M&A, the market is looking for an extra reason
to come off the sidelines."
                                
 At 8:30 a.m. EDT [1230 GMT] July personal income and
consumption data as well as core PCE data is due. Wall Street
expected consumption to rise 0.3 percent versus no change in
June.
                                
 "Any data showing an increase in economic activity would
help stave off any recessionary themes playing out in the
market," added Bakhos.
                                
 Dell Inc <DELL.O> said it is assessing a bid for data
storage company 3PAR Inc <PAR.N> after 3PAR's board said late
Friday that Hewlett-Packard Co's <HPQ.N> $2 billion offer was a
"superior proposal". [ID:nN29138050]
                                
 Cogent Inc <COGT.O> shares were halted in premarket after
3M Co <MMM.N> agreed to acquire the maker of fingerprint
identification systems for $943 million, or $10.50 per share.
[ID:nWNAB1730]
                                
 S&P 500 futures <SPc1> slipped 0.5 point and were slightly
below fair value, a formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration
on the contract. Dow Jones industrial average futures <DJc1>
lost 11 points, and Nasdaq 100 futures <NDc1> fell 1 point.
                                
 European shares were little changed in thin trading Monday,
with persistent concerns about the sustainability of the global
economic recovery weighing on sentiment. [ID:nLDE67T0WV]
                                
 In Asia, Japanese shares ended 1.8 percent higher but gave
up strong early gains after the Bank of Japan made only minor
tweaks in policy, disappointing markets looking for more
aggressive action against deflation. [ID:nTOE67T01I]
                                
 Stocks rebounded to post their best gains in nearly four
weeks on Friday, overcoming initial skittishness brought on by
a revenue warning from Intel and after Fed Chairman Ben
Bernanke said the economic recovery had weakened more than
expected.
  (Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)