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Blackberry ditches plan to sell company

(AP) - BlackBerry abandoned its sale process on Monday, and announced it will replace its chief executive.

Fairfax, BlackBerry's largest shareholder with a 10 percent stake, said it won't buy the struggling smartphone company and take it private but said it and other investors will inject $1 billion as part of a revised investment proposal.

BlackBerry says CEO Thorsten Heins is stepping down. Heins took over in early 2012 after the company lost billions in market value.

John Chen will serve as interim CEO. Fairfax head Prem Watsa will be appointed to the board.

The BlackBerry, pioneered in 1999, had been the dominant smartphone for on-the-go business people and other consumers before Apple debuted the iPhone in 2007 and showed that phones can handle much more than email and phone calls.

In the years since, BlackBerry Ltd. been hammered by competition from the iPhone as well as Android-based rivals.

 
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