Fuyo General Lease Co. Ltd. will buy 51% of Accretive Co. Ltd. for ¥11.37 billion, or ¥520 per share.

The proposal will remain effective until Jan. 19, 2017, and can be extended to Feb. 2, 2017, upon Accretive's request. Don Quijote Holdings Co., a major shareholder of Accretive, has agreed with Fuyo to sell 38% of Accretive, Fuyo said.

Accretive will remain as a listed company after the proposed acquisition takes place.

As of Dec. 14, US$1 was equivalent to ¥115.09.