Portugal's Council of Ministers approved (15-Nov-2012) the admission of five candidates to the second phase of bidding for airport operator ANA Aeroportos de Portugal. The five candidates are Blink, a consortium including Portuguese construction firm Mota-Engil and Colombian construction firm Odinsa, Eama, a consortium including Portuguese retail conglomerate Sonae and Argentine infrastructure firm Corporación América, French construction firm Vinci, airport operator Fraport and airport operator Flughafen Zürich AG. Portugal's Treasury Secretary Maria Luís Albuquerque said the bids were "very interesting", as reported by PressTUR, Jornal de Negocios and Publico. Ms Albuquerque stated, "The multiple of EBIDTA [earnings before interest, taxes, depreciation and amortisation] is very significant. We are talking 12 to 13 times the company's EBIDTA value. It's a very interesting amount." This multiple would reportedly value the bids at EUR2.4 billion to EUR2.6 billion, based on 2011 figures. Ms Albuquerque added, "The selected offers coincide with the best prices at this non-binding phase, but they also take into account the strategic point of view.... Binding offers have to be presented by mid-December."
Portugal Council of Ministers admits five candidates to second stage of ANA privatisation
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This report looks in some detail at Jet2.com's network and how it has changed in the three years since summer 2013.
Over the past three years Jet2.com has increased its peak summer weekly seat capacity by one third. By airport, the biggest share of this incremental capacity has been at Manchester. By destination, the lion's share of its growth has been to Spain, where there is now a capacity glut. Its markets have become increasingly competitive – not only due to other LCCs, but also because of the growth of airlines owned by integrated leisure groups such as TUI and Thomas Cook.
Europe's aviation strike spike could signal a cyclical peak - with downturn to follow
One swallow does not make a spring and nor does a rash of aviation strike news guarantee a turning point for the aviation industry. But the signs are ominous. In the month of Jun-2016 (to 20-Jun-2016), there have been 136 articles on CAPA's website mentioning the word 'strike'. This compares with 81 for the first 20 days of Jun-2015. For 2016 so far (1-Jan-2016 to 20-Jun-2016), the 's' word has occurred in 594 articles – about 20% more than in the same period in each of the past two years. If this rate continues, 2016 could be the biggest year for strike-related articles since before the global financial crisis.
The vast majority of the Jun-2016 articles – 80% – relate to Europe. A significant source is air traffic control disputes, particularly French ATC. There have also been strikes and/or strike threats involving airport workers and ground handlers. Among European airlines, Air France has generated the most coverage for its ongoing dispute with its pilots, and it may also face a cabin crew strike. Lufthansa has not yet faced a strike by its employees this year, but has not yet reached new agreements with pilots or cabin crew after industrial action last year.
History tells us that labour's demands grow as profits rise. The apparent increase in industrial action this year could be a signal of an approaching peak in the airline profit cycle. There are other causes of unrest, such as impending French labour legislation, but the correlation reflects some history.