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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TAP and Finnair have similar traffic volumes, unit costs and average trip lengths. Moreover, both have struggled to generate sustainable profitability. This report compares and contrasts Europe's two leading independent exponents of the location based long haul niche strategy. Both are set to accelerate their long haul growth.
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