A board member at Spanish textiles and chemicals company La Seda de Barcelona (LSB) has denied he is looking to lead a buyout bid for the firm.

The company told the Spanish Stock Exchange Bolsa de Madrid that reports its director Jacinto Soler-Padró was to spearhead a takeover launch were false.

La Seda, which produces both plastics and textiles, was responding to reports in the Spanish digital press.