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Berkshire’s Sokol Quits After Buying Stock in Takeover Target

David Sokol, once a candidate to succeed Warren Buffett as the head of Berkshire Hathaway Inc., resigned as it was disclosed he helped negotiate a takeover while buying stock in the target company.

Sokol, 54, bought about 96,000 Lubrizol Corp. shares in January before recommending the company as a takeover target, Buffett, Berkshire’s chairman and chief executive officer, said yesterday in a statement. Sokol had initiated confidential talks with Lubrizol the month before. Berkshire agreed to buy the firm for $9 billion on March 14.