[ad_1]
Porsche took pole position as Europe’s most valuable automaker on Thursday, overtaking former parent Volkswagen
(VLKAF) as the price of the sportscar maker’s newly-listed shares sped higher.
Although Porsche shares fell below their listing price on Monday to 81 euros, in line with a wider fall in markets, they had risen to 93 euros ($91.95) on Thursday morning, giving the sportscar brand a market valuation of 85 billion euros ($84 billion).
The rise pushes Porsche’s valuation beyond Volkswagen’s 77.7 billion euros ($76.6 billion). Mercedes-Benz comes in third among European carmakers, followed by BMW
(BMWYY) and Stellantis.
Porsche’s share price regained momentum after investment banks involved in its flotation purchased almost 3.8 million shares for 312.8 million euros ($308 million) as part of the so-called greenshoe option, designed to support…
[ad_2]
