Porsche has taken the lead as the most valuable automaker in Europe, overtaking its previous parent company, Volkswagen, as the newly listed sports car maker’s share price has seen rapid growth.
Although shares of Porsche slipped from their listing price on Monday to 81 euros, in line with a broader drop in the markets, they rose to 93 euros ($91.95), giving the sports car brand a market value of 85 billion euros.
Porsche’s share price regained momentum following investment banks participating in the flotation bought nearly 3.8 million shares for 312.8 million euros as part of the so-called “Greenshaw Option” to support the listing.
This rise raises the market value of “Porsche” to what is higher than the market value of “Volkswagen” of 77.7 billion euros. Mercedes-Benz is ranked third among the European car manufacturers with a valuation of 57.2 billion euros. (Archyde.com)
