Union Carbide reached an agreement with GAF.

Under terms of the agreement signed by the two firms, GAF will not buy any more shares in Union Carbide for 10 years. GAF tried to take over the chemical company last year. In addition, they agreed to renew a contract for Union Carbide to provide some chemicals for GAF plants. The two companies said they signed the accord in order to provide for a constructive and mutually beneficial future commercial relationship. GAF holds about 10.6% of Union Carbide’s stock.