Shareholder Selling 10% of WellPoint Stock

The largest shareholder in WellPoint Health Networks Inc. is selling about 10% of the stock in the large managed health care concern.

California HealthCare Foundation, based in Oakland, plans this month to sell 7 million shares of the common stock in WellPoint Health Networks. Given recent stock prices, the foundation could gross about $470 million on the stock sale.

The foundation was set up when WellPoint's Blue Cross of California operation switched from a nonprofit to a for-profit concern.

After the stock sale, the foundation will still own 22.9 million, or 33%, of WellPoint's common stock. The stock sale will be handled by Stanley Dean Witter and Salomon Smith Barney.

WellPoint Health Networks is based in Woodland Hills.