June 1 (Bloomberg) -- Shares of SAP AG, the world's largest business-management software maker, rose 2.3 percent on speculation that rival Oracle Corp. bought more than 12 percent of the German company.

The shares gained 81 cents to 36.38 euros in Frankfurt today, giving Walldorf, Germany-based SAP a market value of 46.1 billion euros ($62.4 billion). The stock gained as much as 4 percent earlier today.

``There's a rumor out there that Oracle bought more than 12 percent of SAP,'' said Ulrich Trabert, an analyst at Bankhaus Metzler in Frankfurt. ``We don't believe Oracle can take over SAP. SAP founders wouldn't be willing to sell, and there will also be regulatory issues.''

SAP spokesman Frank Hartmann said the company won't comment on ``market rumors.'' Kate Pichon, a spokeswoman in London for Redwood City, California-based Oracle, said she doesn't have an immediate comment.

-- Editor: Shankar (rjv).

To contact the reporter on this story: Kenneth Wong in Berlin at kwong11@bloomberg.net.

Last Updated: June 1, 2007 11:58 EDT