March 14, 2013 – When SAP AG changed leadership in 2010, the software maker had just been through its first major job cuts in 38 years, clients were upset with price increases, and analysts considered the company a takeover target.

There’s little chance of a takeover now. SAP’s stock has gained 92 percent since Bill McDermott and Jim Hagemann Snabe took over as co-chief executive officers. SAP has vaulted past Siemens AG and Volkswagen AG to become Germany’s most valuable company despite revenue that’s 10 percent of Volkswagen’s and one-fifth that of Siemens.

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