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Motorola dumps Telefonica stake

Motorola has sold its remaining stake in Spanish telecommunications company Telefonica SA, which it got earlier this year in exchange for selling several Mexican mobile phone operations. Motorola said in a statement it sold its portion of Telefonica to help pay back $2 billion in debt. Also Wednesday, Motorola predicted a loss in the fourth quarter and more layoffs.

Motorola has sold its remaining stake in Spanish telecommunications company Telefonica SA, which it got earlier this year in exchange for selling several Mexican mobile phone operations. Motorola said in a statement it sold its portion of Telefonica to help pay back $2 billion in debt. Also Wednesday, Motorola predicted a loss in the fourth quarter and more layoffs.