Thursday, March 30, 2006


Google hits the S&P index on March 31. The internet search company is selling 5.3m shares of Class A stock to meet the extra demand created by Google's listing to the S& P 500 index. This is Google's 3rd offering and according to the press release
Proceeds from the offering will be used for general corporate purposes, including working capital and capital expenditures, and possible acquisitions of complementary businesses, technologies or other assets. Google will replace Burlington Resources Inc. in the closely watched index tomorrow. Burlington Resources Inc., a major oil producer based in Houston, is being acquired by ConocoPhillips Inc.
The sale is a move that would take Google reserves of cash and marketable securities to more than $10bn.