Google outbid itself by 33 percent in Motorola Mobility acquisition, SEC filing reveals

Google’s acquisition of Motorola Mobility is already starting to lose that new car smell, but a fresh batch of financial details has now emerged, providing deeper insight into how the deal actually went down. According to an SEC filing that Motorola Mobility released yesterday, Google made an initial offer of $30 per share on August 1st, but soon raised that bid to $37 per share on August 9th, after Moto and its advisers asked for $43.50. On that same day, Google again raised its offer to $40 per share, even though Motorola wasn’t accepting bids from other firms, for fear that a public auction would jeopardize its sale. This 33 percent increase ultimately added some $3 billion to the pot, bringing the final price tag to $12.5 billion. A Mountain View spokeswoman declined to comment on the negotiations, though its aggressive bidding suggests that the search giant desperately wanted the deal to go through. The documents also reveal that patent-related issues were at the forefront of discussions from the very beginning, when Google’s Senior Vice President Andy Rubin met with Motorola Mobility CEO Sanjay Jha to talk about their mutual concerns, way back in July. According to the Wall Street Journal, these talks eventually convinced Jha that his company would be better off under Google’s stewardship, amid fears that Moto could get swallowed by the stormy seas of patent litigation — anxieties that the exec made all too apparent just four days before the merger was announced. You can dig through the full SEC filing at the source link below.

Bloomberg, The Wall Street Journal

SEC

Editoriale | La fine di un’era, l’inizio di un’altra. Come cambierà Apple con Tim Cook al comando?

Steve Jobs si è dimesso da Chief Executive Officer (in italiano amministratore delegato) per diventare Presidente del consiglio di amministrazione di Apple. Con il suo addio al “trono” finisce un’era per l’azienda. Al suo posto arriva il compagno Tim Cook a cui è affidato lo scettro per guidare Apple verso nuovi successi. Ma nel frattempo come cambierà?

Steve Jobs resigns as CEO of Apple

A major development out of Cupertino: Apple CEO Steve Jobs has stepped down, the board naming Tim Cook as his replacement. The company said “Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company.”

Steve himself published the following letter:

I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come.

I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.

As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.

I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.

Steve

Apple has confirmed that Jobs will stay on as Chairman. Full details in the PR after the break.

Apple (1), (2)

Nokia's Windows Phones will feature dual-core ST-Ericsson U8500, says STMicroelectronics chief

As you’ll no doubt be aware, Qualcomm currently enjoys a stranglehold on processing hardware inside Windows Phone handsets. Its Snapdragon chip stars in both Microsoft’s original and updated chassis spec for the platform, but its hegemony may soon be coming to an end. STMicroelectronics (the ST in ST-Ericsson) boss Carlo Bozotti is cited by Forbes as saying that Nokia will use ST-Ericsson hardware to power at least some of its Windows Phones. The dual-core U8500, a long-time Nokia favorite, is touted as the first such system-on-chip to appear, with its successors helping to populate Nokia’s expansive WP lineup in 2012. The only intel we’ve had so far on Nokia’s initial handsets for the new OS revolved around Qualcomm-based devices, so even if ST-Ericsson is indeed going to infiltrate the Windows Phone ecosystem, it doesn’t look likely to be among the very first Nokias out of the gate.

Fiat will lose $10,000 on every 500 EV it sells, still intends to bring it to US in 2012

Any new technology generally costs an arm, a leg, and a bit of your sanity to adopt early, but that’s a luxury that the well settled auto market cannot afford. In light of its elastic economics, car makers looking to go electric have had to be extremely aggressive in cutting their own profits, an aggressiveness that’s now been estimated by Fiat’s CEO Sergio Marchionne to cost them as much as $10,000 per unit sold. Fiat’s famed little car, the Cinquecento, is going to be hitting the US in a new EV configuration in 2012, in spite of the fact it’ll be causing a ding to the company’s bottom line. It’s not actually clear whether Mr. Marchionne is factoring in research and development costs or whether he’s talking purely of material costs, though Fiat’s fate is hardly unique — the Nissan Leaf isn’t expected to generate a profit for a good couple of years yet. The Fiat 500 EV’s likely price was indirectly revealed, too, by the company chief’s assertion that it’ll retail for about three times the cost of its gas-powered version. So about $45,000. Yikes!