????谷歌（Google）斥資125億美元現金收購摩托羅拉移動公司（Motorola Mobility Solutions），消息一出，很多人彈冠相慶，投資大亨卡爾?伊坎就是其中的一個。這筆收購的溢價達到63%，這意味著在上周五股市收盤后，伊坎持有的摩托羅拉移動公司股份升值了3.65億美元，總價值已達10.7億美元。此外，伊坎七月份時曾督促摩托羅拉為它的專利另謀出路。這筆收購的結果也證明了伊坎的確高瞻遠矚。

????在周一的一份簡短聲明中，伊坎說：

????“對于摩托羅拉移動公司的所有股東來說，這個結果可謂皆大歡喜，尤其是從眼下的股市來看。過去三年里，我們做出了長期而艱苦的努力，終于將摩托羅拉移動公司從摩托羅拉分離出來，我們還聘請了桑杰?賈作為公司的聯合CEO。此外，我們一直強烈支持公司廣開渠道，提升公司的專利價值。摩托羅拉是行動主義的典范，管理層和董事會能如此負責任地做出行動，我們對此深表贊揚。”

????僅僅周一一天，伊坎持有的摩托羅拉股份的票面價值就增值了1,200多萬美元，也就是說在當天的午盤交易中增長了約一個百分點。

????不過總體說來，與其說這是交易是伊坎的勝利，還不如說伊坎的救贖。

????據彭博社（Bloomberg）去年12月份報道，自2007年1月以來，伊坎已陸續向摩托羅拉投資了34.2億美元。該報道發表以來，伊坎已經拋售了大約10億美元的摩托羅拉股份。今年1月，摩托羅拉移動脫離摩托羅拉，此后，伊坎既未買入，也未賣出任何摩托羅拉或摩托羅拉移動的股份。

????根據谷歌的每股40美元的收購價，伊坎持有的摩托羅拉移動公司的股份現在的價值已上升到10.7億美元。他持有的摩拉羅拉公司的股份約為12.3億美元。如果再算上早先伊坎拋售的那10億美元股份，那么伊坎已變現的摩托羅拉和摩托羅拉移動的股份，以及他現在持有的這兩家公司的股份，總數大概在33億美元上下，比伊坎的初始投資低了3.5%，也就是1.2億美元。不過在谷歌收購摩托羅拉移動之前，伊坎損失的比率已經達到了兩位數。比如去年彭博社的那篇報道發表時，伊坎就已經損失了7億多美元。所以毫不虧張地說，谷歌收購摩托羅拉移動替伊坎解了套。

????當然，從投資回報率的角度來看，伊坎的這筆投資的確沒有什么值得稱道之處，不過所幸沒有滑到災難邊緣。尤其是如果摩托羅拉的股價可以恢復到最近的股市動蕩之前的水平的話……

????譯者：樸成奎

????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...