GAF Ends Carbide Takeover Bid

DANBURY, Conn. — GAF Corp. today backed off an attempt to acquire Union Carbide Corp., leaving Carbide shorn of its most profitable and fastest-growing businesses and without enough money to diversify after the fight to fend it off, analysts said.

In dropping its hostile $4.8-billion bid for Union Carbide, GAF said it will retain its 10% interest in Union Carbide to remain the company’s largest shareholder while taking at least $81 million in after-tax profits from its Carbide investment.