German postal giant Deutsche Post said Tuesday it plans to buy back up to 1.0 billion euros ($1.1 billion) of its own shares over the next year.

"The share buyback programme starting in March 2016 is restricted to a duration of one year and a notional amount of up to one billion euros," Deutsche Post said in a statement. 

"The purchased shares will either be cancelled, used to service long term management incentive programmes or to meet possible obligations" for convertible bonds, it added.