(Reuters) – Billionaire Carl Icahn is in talks with Southwest Fuel (NYSE:) Holdings Inc to achieve a truce that would see the activist investor take as many as 4 seats on the board, Bloomberg Information reported on Wednesday, citing individuals aware of the matter.

Talks are ongoing and the deal might nonetheless collapse forward of the corporate’s annual basic assembly on Might 12, the report stated.

Southwest Fuel and representatives for Icahn didn’t instantly reply to Reuters requests for remark.

In October, Icahn tried to achieve management of the Southwest Fuel board after the corporate adopted a shareholder rights plan geared toward stopping his push make the utility abandon a $2 billion takeover of Questar Pipelines.