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Google to Sell 5.3 Million Shares

Google is planning to sell up to 5.3 million shares of Class A common stock, the company reported Wednesday to the Securities and Exchange Commission, which could raise nearly $2 billion, based on Wednesday's closing price. Google says it will use the proceeds for "general corporate purposes," including capital expenditures--which of late have become more and more significant for the Internet firm--and possible acquisitions of smaller Web firms, technology vendors or other assets. The company didn't say when the stock offering would occur, suggesting only that it could happen periodically. Google shares closed at $394.98 on Wednesday; the company had $8 billion in cash at the end of 2005.

Read the whole story at Cnet »

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