Union Carbide said it will cut its...

Union Carbide said it will cut its quarterly dividend and may offer 15 million common shares to improve its balance sheet, which was hurt by high costs stemming from its recapitalization in 1986 to fight off a takeover bid by GAF Corp. Carbide said it would sell the shares only if market conditions were favorable. The Danbury, Conn., chemical firm said it will cut the dividend to 20 cents a share from the current 37.5 cents effective with the Sept. 1 payment.