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Google deal could spur AOL IPO
Google can sell its pending 5% stake in Time Warner's AOL unit as early as July 1, 2008, according to an SEC filing. The deal gives Time the right to buy the stake in lieu of a public offering. Google agreed to spend $1 bil for the stake, effectively valuing AOL at $20 bil, a key benchmark should Time Warner spin it off in response to dissident shareholder Carl Icahn's campaign to break up the company. Google fell 1.5% to 424.64 while Time slid 1% to 17.53.
SunPower up on positive reports