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Propel, unit of Motorola (MOT) , 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.

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