GAF &lt;GAF> PLANS NO CHANGES IF OFFER ACCEPTED

  GAF Corp chairman Samuel Heyman told
  Reuters he did not foresee major changes in Borg-Warner &lt;BOR>
  if GAF's 46 dlr-per-share offer to acquire Borg-Warner is
  successful.
      "We have great respect for Borg-Warner mangagement," Heyman
  said, following a speech at the American Institute of Chemical
  Engineers annual meeting. "We don't have any particular changes
  in mind."
      Earlier today, GAF announced that a 3.16-billion-dlr-offer
  was presented to the board of directors of the Chicago-based
  company.
      Last week, GAF had purchased additional shares of the
  company for 40-1/8 dlrs, increasing its stake in Borg-Warner to
  19.9 pct.
      In 1985, GAF made an unsuccessful effort to acquire Union
  Carbide Corp for five billion dlrs, and has since expressed an
  interest in acquiring a chemical company that would complement
  its own chemical business.
      When asked whether GAF would consider selling the
  non-chemical assets of Borg-Warner if its takeover offer is
  accepted, Heyman declined to comment.
      He also refused to say whether GAF would consider
  increasing its the dollar value of its takeover offer if the
  initial proposal is rejected.
      Heyman emphasized that he considered the GAF offer to
  Borg-Warner to be a friendly one.
      "We think we made a fair offer that is good for Borg-Warner
  management and good for its shareholders," Heyman said.
       In his speech, Heyman said he feared too many chemical
  companies were attempting to specialize in the same high margin
  niche products.
      He said they were turning their backs on core commodity
  chemical businesses. 
      Heyman said the chemical industry has taken a total of
  seven billion dlrs in pre-tax writeoffs during the past two
  years to trim balance sheets.
      He predicted that the U.S. chemical industry, which
  reported a total of 13 billion dlrs in 1986 profits, would see
  a 20 pct gain in earnings this year because of increasing
  exports, cheaper feedstock costs and the weakened U.S. dlr.
  

