Porsche tops VW as Europe's most valuable carmaker
STORY: Porsche is now Europe's most valuable automaker.
The luxury carmaker overtook its former parent Volkswagen as the price of its newly-listed shares sped higher.
Porsche shares had fallen below its listing price earlier this week, but rose close to $92 on Thursday (October 6).
That gave it a market valuation of about $84 billion.
Porsche's share price regained momentum after investment banks involved in its flotation bought almost 3.8 million shares for about $309 million.
That was part of a so-called greenshoe option - which is a mechanism designed to support a listing.
Volkswagen is worth close to $77 billion.
While fellow German giant Mercedes-Benz is the third most valuable among europe's carmakers.
A spokesperson for VW said the Porsche shares bought between September 29 to October 4 represented just over a tenth of the total trading volume since the listing.
