Fosun bids for Gemfields, owner of jewellery brand Fabergé

Chinese group Fosun has made a bid for UK mining company Gemfields, owner of renowned jeweller Fabergé, offering in excess of GBP220 million (€251 million).

Fosun published a press release with the London Stock Exchange, saying it hasn't yet filed a firm offer for Gemfields, for which another bid was previously made by the mining company's main shareholder, South African private equity firm Pallinghurst Resources.

The Chinese group stated it intends to offer 40.85 pence per share via its subsidiary Fosun Gold, a higher price than that offered by Pallinghurst, at 37.10 pence per share.

Gemfields is specialised in rare gems, and since the end of 2012 is renowned as the owner of jeweller Fabergé, whose name is still associated with the famous eggs it once created for Russia's tsars.

Fosun expressed its willingness to back the expansion of Gemfields, turning it into a leading player in the rare gems industry, notably the production of emeralds and rubies.

Specifically, Fosun wants to "help the group establish itself in China, a market which is at present under-exploited," and one in which demand for gems is currently booming.

Fosun was founded in 1992 in Shanghai, and it is a diversified group active in the healthcare and leisure industries, notably as the owner of the Club Med resort group in France.