(Updates with confirmation of Mars bid for Wrigley, adds Buffett comments on stocks outlook, updates prices)
By Ellis Mnyandu
NEW YORK, April 28 (Reuters) - U.S. stocks were set to open little changed on Monday as news of a proposed $23 billion takeover of chewing gum maker Wm Wrigley Jr Co <WWY.N> offset worries about record oil prices and concerns about the economy.
Record oil prices could lift shares of energy companies but overall would add to worries about higher costs for consumers and non-energy companies.
The tech sector could be on the front burner if a takeover battle for Yahoo Inc <YHOO.O> by Microsoft Corp <MSFT.O> intensifies.
Wrigley, the largest U.S. chewing gum maker, agreed to be bought by Mars Inc, maker of M&M's candy, for $23 billion, Mars said in a statement. For details, see [
].Mars said Berkshire Hathaway <BRKa.N>, headed by Warren Buffett, is among the parties providing the financing for the deal.
"M&A in this type of an environment, with credit being so tight, I think might send a signal that things are beginning to loosen up in terms of the credit crunch," said Peter Cardillo, chief market economist at Avalon Partners in New York.
S&P 500 futures <SPc1> rose 1.9 points, just above fair value, a formula to evaluate pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures <DJc1> gained 2 points, and Nasdaq 100 <NDc1> futures rose 6.25 points.
Concerning the outlook for stocks, Buffett told CNBC television he wouldn't make any predictions. "My general feeling is that the recession will be longer and deeper than most people think," he said.
Wm Wrigley shares jumped more than 25 percent to $78.38 before the bell.
Visa Inc <V.N>, the world's largest credit card network, rose 2.2 percent to $76.73 after several brokerages began coverage of the company with favorable ratings. The company, which made its market debut on March 19, is scheduled to post quarterly results after the closing bell.
Shares of Ford Motor Co <F.N> rose 8 percent to $8.10 before the bell after Kirk Kerkorian's Tracinda Corp said it intends to make a cash tender offer for up to 20 million shares of common stock of the automaker at a price of $8.50 per share. [
].An overwhelming majority of Wall Street analysts see Microsoft preparing shortly to launch a hostile bid at its current price of $31 per share in cash and stock, a Reuters poll found.
In earnings news, Verizon <VZ.N>, a Dow component, reported a rise in quarterly profit and stronger-than-expected growth in wireless subscribers, showing resilience in the face of a U.S. economic slowdown. Adjusted profit matched Wall Street's estimates. The stock climbed 2.2 percent to $37.85 before the bell.
Oil hit a record near $120 a barrel on Monday, boosted by bullish factors that include big disruptions to Nigeria's output and a UK refinery strike.
The Dow and S&P rose on Friday after signs that American Express Co <AXP.N> was holding its own amid the economic slowdown, but Microsoft Corp's <MSFT.O> weak profit forecast pulled down the Nasdaq. (Editing by Kenneth Barry)