Yes, you're right about the two air bubbles fused together. The large bubble at the top makes the whole thing look rather abstract. But if there were meant to be 5 bubbles, I can see now that each bubble would be the stamen of a flower--4 around the edges, one in the middle.
And it's not fractured! What you see in the picture is actually one of three layers of the unfurled flower petals.
Thanks very much for your help. Too bad there's little chance of knowing where this one was made, I'd like to know.