&lt;BTR Nylex Ltd> said it will increaseits takeover offer for Borg-Warner Corp's &lt;BOR> listed unit,
&lt;Borg-Warner (Australia) Ltd> (BWA) to five dlrs each from four
dlrs for all issued ordinary and preference shares.
    The new offer values the diversified auto parts
manufacturer's 27.22 mln ordinary shares and 13.22 mln first
participating preference shares at 202.2 mln dlrs.
    Formal documents will be sent to shareholders as soon as
possible, it said in a brief statement.
    BTR Nylex, which manufactures rubber and plastic products,
first bid for BWA in late January.
    As previously reported, Borg-Warner Corp, which owns 65 pct
of BWA's ordinary shares and 100 pct of the preferences,
advised a month ago that it would not accept the offer.
    This meant BTR Nylex's 50.1 pct acceptance condition could
not be met, BWA said in a statement reporting its parent's
decision.
    BWA advised shareholders to ignore the offer and said other
parties had expressed interest in bidding for it.
    But no other bid has yet emerged.
    BTR Nylex is a 59.5 pct-owned listed subsidiary of
Britain's BTR Plc &lt;BTRX.LON>.
 REUTER
