GAF withdrew its offer to buy Borg-Warner.
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GAF, which had offered to acquire the company for $3.31 billion, said it will sell its 19.9% stake in the company to a rival bidding group led by Merrill Lynch. GAF, a specialty chemicals and roofing materials maker based in Wayne, N.J., said it expected to earn more than $190 million before taxes on its investment in Borg-Warner, a Chicago-based manufacturing, chemicals and services concern.
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