TOKYO — General Electric Co. launch a tender offer for all shares of Japan's Sanyo Electric Credit Co. in a friendly takeover deal worth up to 135 billion yen ($1.14 billion), the company said Friday.

STV Partners, a wholly-owned unit of GE, will pay 3,250 yen ($27.53) for each Sanyo Electric Credit share not owned by Sanyo Electric Credit itself, GE said in a statement.

The board of the credit service company _ a financial unit of electronics maker Sanyo Electric Co. _ supports the tender offer, which will be conducted from March 26 to May 9, it said.

Earlier this month, the U.S. technology, media and services company announced plans to scale back its Japan operations ahead of a new cap on borrowing rates for consumer loans that is forcing Japanese lenders to cut costs.

The company currently offers credit card, housing loans, consumer finance and insurance services in Japan through Tokyo-based GE Consumer Finance.

However, GE has said it remains committed to the Japanese market. Japan's Nikkei business daily has said that turning Sanyo Electric Credit into a subsidiary would allow it to expand installment sales of household appliances and credit card operations.

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