Vinci Joins Fraport Among Five Final Bidders for Portugal’s ANA

Portugal named Vinci SA, Europe’s biggest builder, and Fraport AG, owner of Frankfurt airport, among five bidders invited to submit binding offers for state-owned airport operator ANA-Aeroportos de Portugal SA.

Flughafen Zuerich AG, which operates Zurich’s airport, and groups led by Argentine holding company Corporacion America and Colombian engineering company Grupo Odinsa SA were also shortlisted to make proposals for ANA, said Maria Luis Albuquerque, Portugal’s secretary of state for treasury.

“The offers that were chosen coincided with those that had the best price,” Albuquerque said after a cabinet meeting today, adding that binding proposals for ANA should be submitted by mid-December. The government plans to decide on a winner by the end of the year and conclude the sale next year, she said.

Portugal is trying to sell ANA and state-carrier TAP SA this year to raise money after seeking a bailout last year from the European Union and the International Monetary Fund. The country received eight non-binding proposals for ANA, the government said on Oct. 26.

Portuguese builder Mota-Engil SGPS SA is part of the group bidding for ANA that is led by Odinsa, the government said. Sonae Sierra, another Portuguese company, is a partner in the consortium led by Corporacion America, according to Albuquerque.

The five offers for ANA that were shortlisted valued the airport operator at 12 to 13 times its earnings before interest, taxes, depreciation and amortization, Albuquerque said. Based on a multiple of 13 times ANA’s Ebitda from last year, the company could fetch as much as 2.6 billion euros.

The airport operator’s Ebitda rose 22 percent to 199.8 million euros in 2011 from a year earlier, according to the company’s website.

Portugal has hired Barclays Plc, Banco Espirito Santo SA, Citigroup Inc. and Credit Suisse Group AG as advisers for the disposal of TAP and ANA.

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