Google taps bond market as Facebook 'moves closer to IPO'

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The world's largest search engine is borrowing $3bn (£1.85bn) from the bond market as the returns investors demand from creditworthy companies declines to its lowest since November, the Telegraph reports.

Google, which was sitting on $35bn in cash and short-term securities at the end of the year, is increasing its spending as co-founder Larry Page takes over as chief executive. Google said the money will be used to pay off existing short-term loans as well as for "general corporate purposes." The company sold a mix of three-, five-, and ten-year bonds on Monday. The move comes a week after Microsoft stumped up $8.5bn for online video communication provider Skype. Social networking behemoth Facebook, founded by Mark Zuckerberg, is reported to have held several meetings with banks ...

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