Motorola Inc. (NYSE: MOT) said Wednesday it will split into two independent, publicly traded companies, thus separating its struggling mobile-phone business from its broadband and mobility-solutions operations.
The move comes amid a long-standing battle with activist investor Carl Icahn, who has been urging the company to shed the handset unit.
Icahn, who owns just over 6% of Motorola, has been actively seeking representation on the company's board. On Monday, he sued the Schaumburg, Ill-based company in an attempt to secure records relating to the hiring of senior executives and corporate strategy, especially as it relates to its mobile devices business.
