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Google co-founders Larry Page and Sergey Brin have revealed plans to sell shares currently worth $4.4bn over the next two years, in a move that would leave them little room for further sales without ending their combined control of the company.
谷歌(Google)共同创始人拉里•佩吉(Larry Page)和谢尔盖•布林(Sergey Brin)打算在今后两年内出售一批股份，目前价值44亿美元。在这批股份转让之后，他们如继续出售股份，就很可能丧失对谷歌的联合控制权。
The disposal plans, revealed in a regulatory filing, would leave the Google founders with barely half the shares they held when they took Google public in 2004. However, their remaining combined stake would still be worth nearly $45bn.
这一股票出售计划是在一份监管文件中披露的，将令两位谷歌创始人持有的股份降至2004年谷歌上市时的一半。不过，他们所持剩余股份总价值仍接近450亿美元。
The expected sales were disclosed as part of a 10b trading plan, under which executives report their intended disposals but give up control over the timing of when the sales are made.
这次即将发生的股票转让是一项10b条款交易计划的一部分。按照这一计划，主管需汇报其股票转让打算，并放弃对抛售时间的控制权。
Mr Brin and Mr Page control Google through a special class of shares that gives them 54.6 per cent of the voting rights, even though their economic interest is only 13.1 per cent.
布林和佩吉通过一种特殊类型的股份控制谷歌，这类股份令他们虽然只拥有13.1%的经济权益，但却拥有谷歌54.6%的投票权。
After the latest sales, their voting control will fall to only 52 per cent, Google said.
谷歌表示，在完成最近这次股票销售之后，他们的投票控制权将跌至只有52%。
The company issued a new class of non-voting C shares last year in a move to protect the founders’ control over the long term. The new shares are expected to be used to fund acquisitions and employee stock plans without diluting the founders’ control.
该公司去年曾发行过一种新型的无投票权C类股票，以保护两人的长期控股权。这种新型股票预计将用于在不稀释两人控制权的前提下，为收购及员工持股计划提供资金。
Google also at first proposed that Mr Brin and Mr Page — who hold half their stake in the form of the C shares — should be free to sell this class of stock to raise cash if they wanted.
谷歌起初还曾提议，允许布林和佩吉随心所欲地自由出售这类股票，以筹集资金。在两人持有的股份中，半数股份是这种C类股份。
However, an investor lawsuit forced a settlement in which the founders agreed to sell their super-voting shares in equal proportion to the C stock, leaving them facing dilution to their control if they continue to make big disposals.
然而，投资者发起一轮法律诉讼，强制谷歌达成了一项和解协议。按照协议，两人同意以C类股份相同比例出售其拥有超级投票权的股份。这导致他们一旦继续大举抛售股票，就有可能面临控股权的稀释。
