Carl Icahn Continues Boosting Motorola Share

5:50 am on May 8, 2008 | Category: Business, Cell Phones, Corporate

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Despite strong shareholder concerns at Motorola’s annual general meeting earlier this week, activist investor, Carl Icahn announced yesterday that he has boosted his stake in the company from 6.4% to 7.6%.

Icahn currently owns approximately 172.18 million shares in the American handset maker, according to a new filing with the Securities and Exchange Commission. This compares to 144.56 million Motorola shares at the time of an earlier filing in late March.

Since then, Icahn has effectively settled his proxy battle for representation on the Motorola board of directors, with company executives agreeing to nominate two of his allies.

Icahn was also influential in the company’s decision to divide its struggling handset business from its more profitable networking division, and now appears to be banking upwards of $1-billion on the move’s success.

Motorola ended trading yesterday at $9.89/share on the New York Stock Exchange.

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    Edited by Jeremy Maddock