Bengaluru — China’s Fosun International has increased its offer for Fabergé owner Gemfields to £256m ($324m), turning up the heat in a bid-battle with the largest shareholder of the London-listed company. Fosun Gold, part of the acquisitive Fosun International conglomerate, said on Tuesday that it had increased its offer for Gemfields to 45p a share from an earlier proposal of 40.85p a share. This trumps a rival offer of 38.5p a share from mining group Pallinghurst Resources to buy the 52.91% of Gemfields it does not already own. Gemfields, which mines for emeralds and amethysts in Zambia, and for crimson and pinkish-red coloured ruby and corundum in Mozambique, rejected the offer from Pallinghurst, saying it "significantly undervalues" the company. Pallinghurst has said it intends to de-list Gemfields from London’s junior market. Gemfields said on Tuesday that its independent committee considered the terms of Fosun’s offer neither fair nor reasonable, but that in light of Pallinghu...
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