Commonwealth Bank of Australia
(ASX:CBA) sold off just under 10 million shares in surfwear retailer Billabong International Limited
(ASX:BBG) at 80.8 cents per share before Christmas.
The move comes ahead of Billabong potentially receiving its fifth takeover offer in under a year, a $1.10 per share offer lead by head of the company’s Americas division, Paul Naude.
Commonwealth sold a tranche of 5.3 million shares via its fund management arm Colonial First State.
Billabong has said it intends to allow Mr Naude and his backers to conduct due diligence, however the CBA sell off indicates flagging faith in a potential deal occurring.
Commonwealth Bank generated a net profit of $7.1 billion in the 2012 financial year.
