Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

The feud's over! Ackman, Icahn are friends again

Icahn-Ackman truce?
Icahn-Ackman truce?

The bickering billionaires apparently have kissed and made up.

Bill Ackman and Carl Icahn, whose epic battle on CNBC in early 2013 stunned Wall Street, exchanged pleasantries on the phone last week and decided to forgive each other, The Wall Street Journal reports Tuesday.

Bill Ackman and Carl Icahn
Adam Jeffery (L) | David Grogan (R) | CNBC

Ackman, head of Pershing Square Capital, called Icahn's office to say he decided to "forgive Carl," and Icahn returned the favor and said, "I forgive you," according to the account.

The two told the Journal they spoke for about a half hour on Thursday.

If the peace lasts, it will end one of the greatest feuds in Street history.

During CNBC's "Fast Money Halftime" show last year, Icahn and Ackman called in and squared off over a number of issues, with Ackman's aggressive bet against Herbalife at the center. Icahn bet the other way, and the two warred bitterly over the issue and a general clash of personalities.

Read MoreFlashback: Icahn, Ackman in epic showdown of billionaires

Some highlights of the televised battle:

Wit and Wisdom of Carl Icahn
The best of Icahn, in his own words

Icahn in Ackman: "He's the quintessential example that on Wall Street, if you want a friend, get a dog."

Ackman on Icahn: "What I can tell you is, this is not an honest guy, and this is not a guy who keeps his word. This is a guy who takes advantage of little people."

Those belligerent sentiments seem to have changed, though, with Ackman even raising the possibility that two of the financial world's most aggressive activist investors actually could team up.

Read MoreBig money activism: Helpful or harmful?

"There is a much greater possibility that we are on the same side than the opposite," Ackman said.

The Journal account ironically attributes recent comments that Icahn made to CNBC as helping set the reconciliation wheels in motion.

Read MoreCarl Icahn defends Ackman, slams Lipton

Icahn said Ackman's move to team with pharmaceutical company Valeant to take over Botox maker Allergan did not appear to be illegal.

"We have our differences, but I never said he's not a smart guy," Icahn said.

Read the full Journal story here.