Motorola Unit Propel Withdraws IPO Filing

Propel, unit of Motorola (MOT Quote - Cramer on MOT - Stock Picks), withdrew its plans for an initial public offering of 23.5 million common shares, saying that the move was "consistent with the public interest and protection of investors.''

Motorola, which filed a preliminary prospectus with the Securities and Exchange Commission in June, didn't elaborate, according to a published report. The company hoped to price the shares at $17 to $19 each.

Propel owns and operates wireless communications businesses in Latin America, the Middle East and Asia.