Buffet reveals failed deal, downplays cancer

At the Berkshire Hathaway Inc. annual meeting in Omaha, dubbed the "Woodstock for Capitalism," chief executive Warren Buffett revealed that he recently tried to make one of the biggest acquisitions of his storied career.

Buffett also sought to allay shareholders' fears about the company's future after his diagnosis of prostate cancer. The question of who will succeed Buffett, 81, became more imperative after Buffett disclosed the illness on April 17.

Though Buffett called it "a really minor event," his early-stage prostate cancer was a reminder that for all his success as an investor and all the plaudits he gets, Buffett is mortal and would be hard to replace at the company he has run since 1965.

"I don't think that every deal that I made would necessarily be makeable by a successor, but they'll bring other talents," including skills to be an effective chief risk officer, Buffett told shareholders at the Saturday meeting. "We're not going to have an arts major in charge of Berkshire."

Buffett also said that he recently considered a more than $20 billion acquisition, and would have sold some Berkshire stock holdings he wanted to keep to get it done.

"I wish we could have made it," he said. "It could happen. I don't think it will happen."

Buffett did not name the target.-- Reuters