Agency Report –
Frankfurt – German software giant SAP has become the most valuable European company, replacing Danish pharmaceutical major Novo Nordisk.
SAP’s market value on the Frankfurt Stock Exchange rose to €314 billion ($341 billion) on Monday, ahead of Novo Nordisk on €310 billion.
The company, based in Walldorf in south-western Germany, has benefited from its cloud business and a boom in artificial intelligence (AI).
In contrast, Novo Nordisk has lost around half of its value since its record high last June, which followed its development of a breakthrough weight loss drug.
US companies dominate the global stock market rankings.
According to a study by auditing and consulting firm EY, only three German businesses are among the 100 most valuable listed companies in the world in 2024: SAP, Siemens and Deutsche Telekom.
The study found 62 of the 100 most expensive companies in the world are based in the United States.
