Porsche Overtakes VW in Europe

Porsche shined brightest among Europe’s car stars this week when the sportscar maker eclipsed Volkswagen as the continent’s most valuable.

On Thursday, a week after Porsche’s initial public offering – one of the biggest in Europe’s history – the carmaker’s shares clocked in at 93 euros, settling later at 91 euros for a nearly 84 billion euros valuation but still besting its former parent’s 77.7 billion-euro mark.

Mercedes ranks third among its European counterparts at a 57.2 billion-euro valuation.

Porsche shares fell nearly 2% below its listing price on Monday to 81 euros during a greater market drop. The German carmaker’s share price climbed back following a nearly 3.8 million-share purchase by investment banks involved in its flotation.