By Olivia Bugault

Deutsche Post AG said Monday that it will start a buyback program this month for up to 1 billion euros ($1.19 billion) in shares, and proposed a dividend for 2020.

"The decision to initiate a share buyback program is in line with the group's corporate finance policy and is to be seen against the background of the strong free cash flow generation amounting to EUR 2.5bn for FY 2020 and the positive further outlook," it said.

The buyback program will last no more than a year, the German freight-and-logistics group said.

Deutsche Post also declared a dividend of EUR1.35 a share for 2020, higher than for the previous year.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

March 08, 2021 08:47 ET (13:47 GMT)