Volkswagen Overtakes Exxon as World’s Most Valuable Company

Volkswagen AG became the world's biggest company by market value after Porsche SE announced plans to raise its stake in the German carmaker to 75 percent, triggering demand from short-sellers. Volkswagen rose as much as 485.01 euros, or 93 percent, to 1,005.01 euros and was up 89 percent as of 9:55 a.m. in Frankfurt trading. Porsche said it will increase its holding from 42.6 percent, prompting some short-sellers to buy from a shrinking pool of stock to end their bets. Volkswagen has risen more than six fold this year, valuing it at 294 billion euros ($367 billion), more than Exxon Mobil Corp.'s $343 billion market value at yesterday's close, according to data compiled by Bloomberg.