Compagnie Financière Richemont SA (SWX:CFR) is considering buying Buccellati Holding Italia SpA from Gansu Gangtai Holding (Group) Co., Ltd. (SHSE:600687), an Italian newspaper reported. Buccellati was recently taken over by Gansu Gangtai, in a deal that sources said had valued the storied Milanese brand best known for its lace-like patterns at €270 million, including debt. Corriere della Sera's Monday supplement L'Economia said the acquisition had run into difficulties due to restrictions to investments abroad introduced by the Chinese government.

The paper said Bank of America Merrill Lynch was now at work on the sale of Buccellati, which had drawn Richemont's interest but also that of Mayhoola for Investments LLC. Richemont declined to comment. Mayhoola had no immediate comment.