German software giant SAP becomes Europe's most valuable company

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.