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

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)