Motorola cashes in Nextel shares
In a move shore up its cash position, Motorola executives said the company unloaded $325 million worth of its Nextel Communications stock.
Motorola sold 25 million –23 percent – of its 108 million shares of to an investment bank.
Motorola executives explained that the block sale will result in a pretax gain of $250 million for its first quarter and $325 million in proceeds overall.
After the sale, Motorola will still own 83 million shares of Nextel, or about a 9 percent stake.