Activist investor Carl Icahn has increased his stake in Schaumburg-based Motorola Inc. to about 11.3 percent, up from a 10.7-percent holding he disclosed at the end of August.
In filings with the U.S. Securities and Exchange Commission, Icahn said he spent about $120.9 million to buy 15.2 million additional shares of Motorola on Tuesday.
Motorola is planning to split into two independent, publicly traded companies in the first quarter of 2011. Last week, the company reported that its mobile phone division had reached an operating profit in the third quarter – - an important milestone for the long-struggling unit. As a whole, Motorola saw its revenues rise for the first time since the fourth quarter of 2006.
Motorola’s shares were down 0.3 percent at $7.98 in morning trade on Wednesday.
