CORRECTED-LIVE MARKETS-Stock futures dip; Bayer, Osram, AMS in focus

(Correcting to show shareholders will weigh Bain/Carlyle offer in latest blog) Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: thyagaraju.adinarayan.thomsonreuters.com@reuters.net STOCK FUTURES DIP; BAYER, OSRAM, AMS IN FOCUS (0634 GMT) European stock futures point to a subdued open for all major indices, but Bayer shares are making solid gains (+4.2%) pre-market after a U.S. federal judge slashed a jury award in a Roundup weed killer trial. News that Germany's auto sensors and lighting company Osram received a takeover bid from chipmaker AMS's may stir dealmaking hopes in the auto and tech sector. The Austrian company said overnight it did not see "sufficient basis" for continuing discussions, while shareholders weigh a bid from private equity firms Bain Capital and Carlyle. AMS' offer of 38.50 euros per share trumped the Bain/Carlyle previous bid of 35 euros and is a 15% premium to last night's close. One dealer sees Osram shares down 5%. Initial reactions from analysts seem to suggest, it isn't a good idea for AMS to buy Osram: "This could be the dumbest deal of the decade," says Mirabaud Securities tech analyst Neil Campling. In earnings, British luxury brand Burberry stuck to its fiscal 2020 outlook after its first-quarter sales topped expectations. After a 10% sell-off yesterday, Sports Direct shares could see some more action after an activist hedge fund revealed a stake in the company. Coltrane Asset Management has built a 3.3%stake in Mike Ashley's Sports Direct, according to The Times. Sports Direct delayed publication of its annual results. A profit warning from Schmolz & Bickenbach, which makes high strength steel used in construction major carmakers, will reinforce worries about the earnings season. Key headlines: AMS does not see 'sufficient basis' for continuing takeover talks with Osram U.S. judge slashes Roundup jury award to $25.3 million GAM completes sales of absolute bond funds linked to sacked director LVMH pairs with Stella McCartney, igniting fashion rivalries Rio Tinto hits cost blowout at Mongolia copper expansion (Thyagaraju Adinarayan) ***** FLAT AS PANCAKE (0545 GMT) European shares are seen flat to slightly higher as investors are sitting on the sidelines awaiting more corporate earnings. Financial spreadbetters IG expect London's FTSE to open 1 point higher at 7,533, Frankfurt's DAX to open 17 points higher at 12,404, and Paris' CAC to open 1 point lower at 5,578. Bayer AG shares in focus after a U.S. federal judge slashed a damages award the company owed a California man who blamed Roundup weed killer for his cancer, to $25.27 million from $80.27 million, while rejecting the company's bid for a new trial. Some M&A action could boost German tech stocks after Osram made public AMS's M&A approach, but AMS later said it did not see "sufficient basis" for continuing its discussions with Osram. (Thyagaraju Adinarayan) ***** (Reporting by Danilo Masoni, Josephine Mason and Thyagaraju Adinarayan)