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Deutsche Post announces share buyback up to $1.2 billion

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·1 min read
Presentation of a new DHL/Deutsche Post parcel center in Bochum
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FRANKFURT (Reuters) - German logistics group Deutsche Post AG said on Monday it will buy back shares up to a total of 1 billion euros ($1.19 billion) for a one-year period starting in March to take advantage of its positive business trend.

The purchased shares will either be cancelled or used to service long term management incentive programmes, it said in an ad hoc announcement.

The decision came against the background of strong free cash flow generation amounting to 2.5 billion euros for 2020 and the company's positive further outlook.

Deutsche Post said it will propose a dividend of 1.35 euros per share for 2020, up from 1.15 euros in 2019. Fourth-quarter results are due to be published on Tuesday.

($1 = 0.8435 euros)

(Reporting by Vera Eckert; Editing by Caroline Copley)