The Osaka-based company will also take 100% ownership of Panasonic Electric Works in a combined deal worth $9.4bn, according to reports.
At the end of last year Panasonic clinched a 50.2% stake in Sanyo for $4.6bn.
It is now set to offer ¥138 ($1.58) for each remaining share in a tender running from August 23 to October 3.
The buyout marks a strategy, fronted by chief executive Fumio Ohtsubo, to pivot focus from consumer electronics to outfitting homes with solar panels and other energy-saving technologies.
Panasonic
