Porsche overtakes Volkswagen as Europe’s most valuable carmaker, Corporate News

BERLIN, Oct 6 (Reuters) – Porsche climbed to the top of the ranking of European carmakers with the largest capitalization on Thursday, overtaking parent company Volkswagen just a week after its IPO.

The Porsche action fell below its IPO price set at 82.50 euros on Monday in the wake of a general decline in the markets with fears of recession.

But it rose to 93 euros on Wednesday, giving the luxury car brand a market capitalization of 85 billion euros.

The stock picked up steam following the purchase by the investment banks involved in the IPO of around 3.8 million Porsche shares for 312.8 million euros in a over-allotment option, intended to support a listing.

The capitalization of Porsche thus exceeds that of Volkswagen, at 77.7 billion euros. Mercedes-Benz DE> ranks third among European automakers with a capitalization of 57.2 billion euros, followed by with 47.5 billion euros and Stellantis with 39.7 billion.

“Inflation figures in Europe and the United States, recent concerns about energy supplies in Europe and the escalation of the war in Ukraine last Thursday have led to fluctuations which have made small-scale stabilization measures necessary. scale, » a Volkswagen spokesperson said.

Up to 14.85 million shares with a total value of €1.2 billion are available via the over-allotment option within four weeks of listing, as a stabilization measure. (Report Victoria Waldersee in Berlin, Alexander Huebner in Munich, French version Laetitia Volga, edited by Kate Entringer)

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