After a very public war, billionaire Carl Icahn has negotiated a truce with struggling lender CIT.

CIT reached a deal with the activist investor that should allow it to file for bankruptcy on its terms, and emerge from bankruptcy in about 45 days.

Icahn earlier this week waged a campaign to convince other CIT bondholders to vote against a company-proposed debt exchange and a pre-packaged bankruptcy plan. He argued that CIT’s board needed to be ousted, and that paying off bondholders should be a high priority.

A source close to CIT told The Post several days ago that Icahn really wanted “to get cut in on the financing.”

Now, he has. The lender yesterday said it had secured a $1 billion line of credit from Icahn that may be used as exit financing in the event of a bankruptcy.

But Icahn told The Post if this was about “greenmail,” he would have been part of a $4.5 billion loan CIT arranged last week for its restructuring.

“I was offered a $1 billion piece, which would have given me $40 million to $50 million in fees,” he said. “But the catch was I had to vote to keep the board in place.”

He said he’s now gotten the board to give up control, and he will have a meaningful role in choosing the new directors.

Icahn also said CIT agreed to use most of the cash it receives from selling its loans to pay bondholders. CIT plans to sell the bulk of its $65 billion in assets over the next few years, except for its factoring and vending businesses.

Icahn had CIT in a difficult spot. If it had not settled with Icahn, it might not have been able to access the $4.5 billion loan.

Because it is secured by CIT subsidiaries that will not file for bankruptcy, CIT needs bankruptcy court approval to funnel the money back to the parent company. Icahn, with a $2 billion bond position, could have been an obstacle.

Votes on the two proposals are being counted this weekend.

josh.kosman@nypost. com