×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: buffett | Sokol | lubrizol | Board | Berkshire | Interest

Sokol Knew Lubrizol Board Would Be Told of Berkshire Interest

Tuesday, 12 April 2011 09:51 AM EDT

David Sokol, who resigned as a Berkshire Hathaway Inc. manager last month, knew Dec. 17 that Lubrizol Corp. Chief Executive Officer James Hambrick planned to notify his board of directors about Berkshire Hathaway Inc.’s possible interest in acquiring the company.

Sokol, who had inquired about Lubrizol through Citigroup Inc. bankers, was informed of Hambrick’s intention by the same bankers, according to a Lubrizol regulatory filing yesterday.

Berkshire Hathaway CEO Warren Buffett, when announcing the manager’s resignation, said Sokol had invested in Lubrizol before Berkshire’s agreement to purchase the company was announced.

Sokol bought 2,300 shares of Lubrizol on Dec. 14 and sold them on Dec. 21, according to a March 30 statement from Buffett. Sokol then bought 96,060 shares of Lubrizol from Jan. 5 to Jan. 7.

Buffett, 80, said March 14 he would pay $135 a share, or about $9 billion, for Wickliffe, Ohio-based Lubrizol, compared with the closing price of $105.44 on the New York Stock Exchange in the last trading day before the announcement. Sokol’s investment may have given him a profit of about $3 million, according to Buffett’s disclosure and data compiled by Bloomberg.

Buffett said in the statement that Sokol made a “passing remark” about his stake in Lubrizol.

Sokol has said he did nothing wrong.

© Copyright 2024 Bloomberg News. All rights reserved.


InvestingAnalysis
David Sokol, who resigned as a Berkshire Hathaway Inc. manager last month, knew Dec. 17 that Lubrizol Corp. Chief Executive Officer James Hambrick planned to notify his board of directors about Berkshire Hathaway Inc. s possible interest in acquiring the company. Sokol,...
buffett,Sokol,lubrizol,Board,Berkshire,Interest
211
2011-51-12
Tuesday, 12 April 2011 09:51 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved