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TOKYO (AP) - General Electric Co. plans to launch a tender offer next week worth up to $1.14 billion for all shares of the financial unit of Japanese electronics maker Sanyo Electric Co., the diversified U.S. industrial, financial services and media conglomerate said Friday.
The acquisition would help GE expand its corporate leasing business in Asia while assisting the troubled Japanese company in its restructuring efforts.
STV Partners, a wholly-owned unit of GE, will offer 3,250 yen ($27.53) for each Sanyo Electric Credit Co. share, GE said in a statement. The tender will begin Monday and be open through May 9.
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