Fidelity buys up $550m stake in Google
FT.com / Industries / Media & internet - Fidelity buys up $550m stake in GoogleFidelity buys up $550m stake in Google
By Richard Waters in San Francisco
Published: September 12 2004 22:44 | Last updated: September 12 2004 22:44
The Fidelity mutual fund group snapped up more than one-quarter of Google's publicly-available shares last month - further denting the internet company's ambition of creating a democratic shareholder base where individual investors would play a major part.
News that one of the most powerful US investment groups had scooped up so many Google shares also provides the strongest indication that the controversial auction through which Google sold its stock was, in the end, conducted much like a traditional initial public offering, according to people familiar with the transaction.
Google had hoped to use the auction to let small investors obtain access to its shares, rather than big institutions like Fidelity, which normally have preferential treatment when stock in new public companies is allocated.
In a regulatory filing at the end of last week, the Boston-based mutual fund concern revealed that at the end of August its funds held more than 5.2m shares in Google, worth nearly $550m based on the company's latest share price.
John Kerry's Favorite Bible Verse
John Kerry John 16:3
Herbal Body Wraps
Cash Advance
Payday Loans
Emergency Sex and Other Desperate Measures : A True Story from Hell on Earth
0 Comments:
Post a Comment
<< Home