Reed hoses down takeover rumours

Reed Resources' executive chairman David Reed says he has no knowledge of any possible takeover proposal after speculation surfaced the company could be a likely takeover target.

Speculation was stoked after Mineral Resources last week wrapped up its acquisition of Polaris Metals and Japan's Toyota Tsusho Company took a 25 per cent stake in Queensland-based Orocobre's Salar de Olaroz lithium-potash project in Argentina.

Reed currently has a joint venture agreement with Mineral Resources over its Mount Marion lithium project in Western Australia.

Shares in Reed have been on a sharp upward trend over the past month, rising from 56.5 cents to a high of 90.5 cents reached on Wednesday last week.

Shares in the company today closed up five cents to 85c.

Mr Reed told WA Business News he has no knowledge of any takeover proposal, saying the company has not been approached by anyone.