Icahn Ups Stake in Motorola, Seeks Seat on Company's Board

Billionaire investor Carl Icahn urged shareholders of Motorola to elect him to the company's board, kicking off a proxy battle in a document published by U.S. regulators today.

Activist shareholder Icahn said in late January he had taken a stake in Motorola and would seek a seat on the mobile phone maker's board to pressure it into a big share buyback.

Motorola had urged shareholders not to vote for Icahn in its own proxy statement, filed with the Securities and Exchange Commission on March 2.

Icahn said in the proxy filed at the SEC that he and his affiliates owned about 2.48% of the company's shares, up from the 1.6% stake he had said he held in January.

Motorola said in late February that Icahn, known for targeting companies he believes are underperforming, had filed to buy more than $2 billion worth of Motorola shares.