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Google Inc. has dropped Merrill Lynch & Co. from the lengthy list of underwriters taking bids for the Web search leader's much- anticipated initial public offering, according to a new filing with securities regulators on Monday.
A Google spokeswoman declined to elaborate and a representative from Merrill Lynch did not immediately return calls seeking comment.
A Wall Street source close to the float said that the bank was either unwilling or unable to spend the millions of dollars required to update its computer systems to meet the unusual demands of the Google IPO.