Motorola's CEO Ed Zander said the company took a look at Navteq before rival Nokia scooped up the location-based services company for $8.1 billion. Zander said his company rejected the Navteq acquisition because it wasn't a good strategic fit.

"We looked at it and went on our way," Zander told University of Chicago's Graduate School of Business. "We didn't even think about it." Zander also called the $8.1 billion price tag "stunning."

For more on Moto's lack of interest in Navteq:
- read this article from the WSJ (sub. req.)