Google was still awaiting the go-ahead for its much-anticipated shares sale today after failing to secure final clearance from regulators.

The internet search company had hoped for the green light from the Securities and Exchange Commission (SEC) last night - a move that would have enabled Google to close the auction that is determining its share price.

No reason has been given for the delay although analysts remain confident the go-ahead can be given after Wall Street closes tonight.

The company had planned to close its price-setting auction no earlier than an hour after receiving approval on its paperwork from the SEC.

Google is planning to sell 26 million shares on the tech-heavy Nasdaq stock market, raising around three billion US dollars (£1.63 billion).

At the mid-point of its proposed pricing range, Google would be valued at about 30 billion US dollars (£16.3 billion) - lower than that of rival Yahoo but higher than General Motors.

Google unveiled plans to float in April and surprised the market by opting to sell its shares via a Dutch auction, which gives individual investors a better chance of acquiring a stake in the company.

The price is determined by the investors themselves, who state how much they are willing to pay for each share.

The highest bidders are guaranteed a stake in the company and the issue price is set by the lowest bid after all shares are allocated.

Wednesday August 18, 2004