Billionaire James Packer has offloaded an $80 million stake in funds manager and annuities provider Challenger Limited (ASX:CGF).
Mr Packer has sold 60 million options that were issued in 2003.
The options had a strike price of $3.25 and were due to expire in December 2013.
The transaction represents Mr Packer’s final exit from the wealth management group after selling a 20 per cent stake of physical stock in 2009.
Yesterday shares in Challenger closed 2.56 per cent lower at $4.57.
In the 2011 financial year Challenger’s net profit dropped 7.5 per cent to $292.5 million.
