NEW YORK (Reuters) - Duke Energy Corp , the third-largest U.S. power company, is near a deal to buy rival Progress Energy Inc for more than $13 billion, according to sources familiar with the matter.
The stock-based deal would come at a low premium to Progress' $13.1 billion market value, one source said.
The Financial Times reported on Saturday that the companies hope to announce the deal on Monday morning, but cautioned that some details still need to be worked out so the talks could be delayed or even derailed.
Both electricity generating companies are based in North Carolina and serve clients in North and South Carolina. Duke serves some markets in the Midwestern United States and Progress also supplies customers in Florida.
Duke last year lost out on a bid for the U.S. assets of German utility E.ON
Duke and Progress were not immediately available for a comment.
(Reporting by Michael Erman, editing by Maureen Bavdek)
