Carl Icahn, the notable activist investor with a 4% stake in AIG (NYSE:AIG), called for a full-blown breakup (into three parts - see his initial letter here) in 2015 and helped get former AIG CEO Peter Hancock ousted from the company. However, now, Icahn is changing his tone. He no longer wants a breakup and is ready to play nice with the new CEO Brian Duperreault, who took over in May.

This comes as Duperreault has a plan to scale back buybacks and use that cash to get aggressive on the acquisitions front. AIG still has $7 billion on its buyback plan, but Duperreault noted, "shareholders want to see value creation, and if I can present them something that’s a better value creation, I won’t get a hard time.” This comes as the status quo isn’t working, with the stock flat in 2017 and still trading at 85% of book value.

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