Warren Buffett’s $10bn preferred-share deal with Occidental Petroleum last year was like “taking candy from a baby,” fumed shareholder Carl Icahn. That figurative baby — whose new board now includes Icahn’s deputies — has found a way to snatch some of that candy back.

The company announced in late June that it plans to hand out warrants: Specifically, it offered shareholders of record as of July 6 the ability to buy an eighth of a share for each one they own at $22 for the next seven years. The warrants can be sold for cash starting next month.