The Dutchman Groenewegen remains on top in the overall standings, four seconds ahead of both Ackermann and Jakobsen.
Mikkel Bjerg, recently crowned world under-23 time trial champion, was second.
Team Sky say the trophy was stolen after being momentarily left unattended while the display was packed up at the end of a cycle show
It will be the second time Australia has staged the event, after Melbourne hosted the 2010 edition when the road race was won by Norway's Thor Hushovd.
A breathless Valverde, who finished runner-up in 2003, broke down with the emotion of finally securing the rainbow jersey -- arguably the most prestigious prize in the sport.
Australia's Amanda Spratt finished second while Italy's Tatiana Guderzo was third.
Tour of Spain winner Simon Yates and his twin Adam are also among the favourites and should one of them succeed, it would be the first British winner since Mark Cavendish in 2011.
Ullrich, who won the 1997 Tour de France, is already under investigation over an incident in early August.
Quick Step came over the final summit behind Sunweb but, led by big guns Bob Jungels, Yves Lampaert and Niki Terpstra, made the difference on the final descent and flat section to triumph on the 62.8km course.
The five-time Olympic champion cyclist had thought about rowing competitively and competing in the sport at Tokyo Games.
Yates, a former track racer whose road racing talents took him to the brink of victory in this year's Giro d'Italia, all but wrapped up overall victory on Saturday after yet another strong finish on the final mountain stage.
Yates was third on the day behind 20th stage winner Enric Mas and Miguel Angel Lopez.
The Briton came in 5sec behind Pinot while Dutchman Steven Kruijswijk was 13sec adrift.
The 27-year-old was paralysed after colliding at full speed with another cyclist during training on the concrete track of the Cottbus velodrome.
Former individual pursuit specialist Dennis clocked 37min 57sec to win the stage, held on a rolling, 32km course between Santillana del Mar and Torrelavega.