Deals
Volkswagen Overtakes Exxon as Most Valuable Company
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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, forcing short-sellers to cover their bets on a decline in the stock.
BaFin, Germany's financial-markets regulator, is monitoring trading after Volkswagen rose more than fourfold in two days, said spokeswoman Anja Engelland. At its high today, Wolfsburg, Germany-based Volkswagen's common shares were valued at 296 billion euros ($370 billion), more than Exxon Mobil Corp.'s $343 billion at yesterday's closing price in New York Stock Exchange composite trading, according to data compiled by Bloomberg.