GAF <GAF> STUDYING BORG-WARNER <BOR> PLAN
  GAF Corp is studying an agreement
  under which Merrill Lynch Capital Partners will take
  Borg-Warner Corp private in a 4.23 billion dlr transaction, a
  GAF spokesman said.
      The spokesman had no further comment.
      Analysts said there was speculation GAF would make a new
  offer for the Chicago-based plastics and automobile parts
  company. Borg-Warner's stock rose 7/8 to 49-1/4, above the
  Merrill Lynch 48.50 dlrs per share tender offer price.
      Merrill Lynch Capital Partners, a unit of Merrill Lynch and
  Co, is tendering for 89 pct of Borg-Warner and offering a
  package of cash and securities for the balance of the shares.
      GAF had offered 46 dlrs per share previously. It holds 19.9
  pct of Borg-Warner's stock.