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Britain's Drax Group says in talks to buy power assets from Iberdrola

Britain's Drax Group says in talks to buy power assets from Iberdrola
FILE PHOTO: The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid, Spain, May 23, 2018. REUTERS/Sergio Perez   -   Copyright  SERGIO PEREZ(Reuters)
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LONDON (Reuters) – Britain’s Drax group <DRX.L> said on Saturday it was in discussions with Spain’s Iberdrola <IBE.MC> about the potential acquisition of a UK portfolio of pumped storage, renewable hydro and gas-fired generation assets.

“The discussions are preliminary in nature and there can be no certainty of any agreement or the timing or terms of any such agreement,” Drax said in a statement.

“Any potential acquisition would be fully debt funded and subject to shareholder approval.”

(Reporting by Alistair Smout; Editing by Bill Trott)

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