Google has announced plans to raise more than $4 billion through a second stock offering on the eve of it's first anniversary of it's IPO. The sale, announced in a filing with regulators, would more than double Google's cash reserves to about $7 billion. And it could position the search leader to expand into whole new markets through big-ticket acquisitions, reshaping the competitive landscape among Internet companies. ``They're going to have so much cash sloshing around,'' said Philip Remek, senior equity analyst with Guzman & Co. ``You can buy a lot with that.'' The announcement of a second stock offering came on the one-year anniversary of Google's initial public stock offering, in which it raised $1.67 billion. Observers at the time questioned whether the company's $85 per share IPO was too rich for investors. But Google shares have been in high demand ever since, with the price surging over $300 at times. Google shares closed Thursday at $279.99, down 1.79 percent. Unlike last year's IPO, which took four months to complete and underwent intense scrutiny from the Securities and Exchange Commission, Google's second offering could happen much more quickly, possibly in a matter of weeks, experts said. The company's plans to sell 14,159,265 shares of of its own stock -- the figure is the first eight digits that follow the decimal in the value of pi -- at an undisclosed date. The company said the proceeds would go toward ``general corporate purposes, including working capital and capital expenditures.'' In addition, Google might use the proceeds for ``acquisitions of complementary businesses, technologies or other assets.'' Analysts and other Google-watchers said the company will be able to expand beyond its core advertising business, possibly by acquiring competitors or other companies. International expansion also is key to Google's growth, and some observers predicted an aggressive push into the Chinese market, where competition is heating up. One theory has Google buying Skype, the Internet phone service that is rumored to be on the block for as much as $3 billion. Google's competitors Yahoo, AOL and Microsoft have been beefing up their instant messaging products by adding voice calling features. Google could buy Skype and turn it into a supercharged instant message service with text, video and audio features, said Standard & Poor's analyst Scott Kessler. ``That's a compelling combination,'' Kessler said of Skype. ``They're moving very quickly into video, and they could integrate that in. They could do a lot of neat things with a super IM client.'' Other speculation centered around the fact that Google has been buying up unused fiber optic networks around the U.S. and abroad. Is the company aiming to become an Internet service provider of some sort? Kevin Lee, executive chairman of Did-it, a search engine marketing firm, said Google could get into the ISP business by buying AOL. Or it might have its sights set on eBay, which competes with Google over merchants seeking to sell their goods online. EBay had a stock market value Thursday of about $54 billion, so such a move would be a huge undertaking. ``Clearly, if you're going to raise that much money, even eBay is a target,'' Lee said. ``That's a big nut, but it might be within their grasp.'' To date, Google has made mostly modest acquisitions, typically technology start-ups with just a handful of employees. Last year, the company spent $56 million in cash and stock to acquire four companies. In those cases, the company was seeking specialized technology or engineering expertise. China also offers a tantalizing opportunities. The online market is small but growing quickly, and local and international companies are moving fast to stake out their positions. Google has announced plans to open a research and development center there. The question is whether Google will try to expand its presence by itself, or invest in or acquire a Chinese partner. In fact, Google may not have any definitive plans for the money. The company may simply want to pad its bank account so it can respond if the right opportunity comes along. Microsoft, for example, has about $38 billon in cash. Google's stock sale is not a ``secondary offering,'' commonly used by insiders to sell off their investments in a company. Google itself is issuing the shares, in this case, and all the proceeds will go back to the company, minus any commissions paid to the deal's underwriters. ``I think it's a smart thing to do,'' said Francis Gaskins, an IPO expert. ``Microsoft has lots of money in the bank, and they're on their biggest competitors. It makes sense.'' [Mercury News]