Etihad Airways in non-binding bid for Portugal's TAP
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Etihad Airways in non-binding bid for Portugal's TAP

Etihad Airways in non-binding bid for Portugal's TAP

Three international airlines including Abu Dhabi's Etihad Airways have submitted non-binding bids for TAP Air Portugal, Diario Economico has reported. The Portuguese government needs to sell TAP by the end of the year as a requirement of its bailout programme. TAP could be worth $1.5bn if valued on a multiple of eight times earnings before interest, taxes, depreciation and amortisation in 2011, the report said.

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