Icahn ups stake in Motorola
By Suzanne Deffree, Managing Editor, News -- 3/6/2008
Carl Icahn just won’t give up on Motorola Inc. The billionaire investor has increased his stake in the company to 6.3% from 5%, according to a regulatory filing with the Securities and Exchange Commission (SEC).
Icahn, who once sought a seat on the Schaumburg, Illinois-based company’s board and who has publicly criticized Motorola’s management, now owns 142.36 million shares of Motorola, purchased for $2.06 billion, including commissions, according to the SEC filing.
Much of Icahn’s publicized disapproval of Motorola has to do with its falling profits, caused by weakness in its mobile devices business. That unit may soon be sold off, as Motorola CEO Greg Brown looks to recapture market leadership for the company overall.
Motorola’s stock was trading at $10.03 as of 12:30pm eastern today, down from its $10.10 open.
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