NEW YORK (Reuters) - Motorola Inc (MOT.N) said on Wednesday it would split into two publicly traded entities to separate its loss-making handset division from its other businesses, sending its shares up about 5 percent.The move, which comes amid an intensifying proxy battle against activist investor Carl Icahn ahead of a May 5 annual meeting, could be a prelude for a joint venture for the cell phone business, analysts said.
They said separating the cell phone business, which has been losing market share to rivals like Nokia (NOK1V.HE) and Samsung Electronics (005930.KS), could help Motorola find a strategic investor, such as among Asian handset makers that are keen to win a bigger share of the U.S. market.
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