谷歌拯救摩托罗拉大股东

    谷歌（Google）斥资125亿美元现金收购摩托罗拉移动公司（Motorola Mobility Solutions），消息一出，很多人弹冠相庆，投资大亨卡尔•伊坎就是其中的一个。这笔收购的溢价达到63%，这意味着在上周五股市收盘后，伊坎持有的摩托罗拉移动公司股份升值了3.65亿美元，总价值已达10.7亿美元。此外，伊坎七月份时曾督促摩托罗拉为它的专利另谋出路。这笔收购的结果也证明了伊坎的确高瞻远瞩。

    在周一的一份简短声明中，伊坎说：

    “对于摩托罗拉移动公司的所有股东来说，这个结果可谓皆大欢喜，尤其是从眼下的股市来看。过去三年里，我们做出了长期而艰苦的努力，终于将摩托罗拉移动公司从摩托罗拉分离出来，我们还聘请了桑杰•贾作为公司的联合CEO。此外，我们一直强烈支持公司广开渠道，提升公司的专利价值。摩托罗拉是行动主义的典范，管理层和董事会能如此负责任地做出行动，我们对此深表赞扬。”

    仅仅周一一天，伊坎持有的摩托罗拉股份的票面价值就增值了1,200多万美元，也就是说在当天的午盘交易中增长了约一个百分点。

    不过总体说来，与其说这是交易是伊坎的胜利，还不如说伊坎的救赎。

    据彭博社（Bloomberg）去年12月份报道，自2007年1月以来，伊坎已陆续向摩托罗拉投资了34.2亿美元。该报道发表以来，伊坎已经抛售了大约10亿美元的摩托罗拉股份。今年1月，摩托罗拉移动脱离摩托罗拉，此后，伊坎既未买入，也未卖出任何摩托罗拉或摩托罗拉移动的股份。

    根据谷歌的每股40美元的收购价，伊坎持有的摩托罗拉移动公司的股份现在的价值已上升到10.7亿美元。他持有的摩拉罗拉公司的股份约为12.3亿美元。如果再算上早先伊坎抛售的那10亿美元股份，那么伊坎已变现的摩托罗拉和摩托罗拉移动的股份，以及他现在持有的这两家公司的股份，总数大概在33亿美元上下，比伊坎的初始投资低了3.5%，也就是1.2亿美元。不过在谷歌收购摩托罗拉移动之前，伊坎损失的比率已经达到了两位数。比如去年彭博社的那篇报道发表时，伊坎就已经损失了7亿多美元。所以毫不亏张地说，谷歌收购摩托罗拉移动替伊坎解了套。

    当然，从投资回报率的角度来看，伊坎的这笔投资的确没有什么值得称道之处，不过所幸没有滑到灾难边缘。尤其是如果摩托罗拉的股价可以恢复到最近的股市动荡之前的水平的话……

    译者：朴成奎

    Count Carl Icahn as among those celebrating Google's (GOOG) agreement to buy Motorola Mobility Solutions (MMI) for $12.5 billion in cash. The 63% premium means Icahn's stake in MMI appreciated by more than $365 million since Friday's market close, for a total of $1.07 billion. Moreover, it validates Icahn's July agitation for MMI to explore alternatives to extract value from its patent portfolio.

    In a brief statement today, Icahn said:

    This is a great outcome for ALL shareholders of Motorola Mobility, especially in light of today's markets. In the past three years we have fought long and hard to separate Motorola Mobility from Motorola Solutions, as well as bring Sanjay Jha., as co-CEO. Additionally, we have been strong proponents of the company exploring multiple ways to enhance the value of its patent portfolio. Motorola is activism at its best and we applaud management and the Board for acting so responsibly.

    Icahn today also has gained more than $12 million in paper value on his position in Motorola Solutions Inc. (MSI), which has gained about a percentage point as of mid-day trading.

    Overall, however, this is looking like more of a save for Icahn than a win.

    According to a Bloomberg report last December, Icahn had invested around $3.42 billion in Motorola beginning in January 2007. He already had sold around $1 billion worth of shares as of the article's publication. Motorola then split this past January, since when Icahn does not appear to have purchased or sold shares of either MMI or MSI.

    Based on Google's $40 per share acquisition price, Icahn's MMI stake currently is valued at around $1.07 billion. His MSI position is at around $1.23 billion. If we add that to the $1 billion in earlier disposals, Icahn has realized or holds around $3.3 billion in Motorola and its successor companies. That's just 3.5% below Icahn's original investment -- or $120 million -- compared to the double-digit percentage losses he previously was facing. For example, he was down more than $700 million when Bloomberg did its math.

    Again, not anything to crow about from an ROI perspective, but not close to the disaster it could have been. Particularly if MSI can return to the levels it was trading before the recent market volatility...