Maersk More than Halfway Through $1B Stock Buyback

A.P. Moller-Maersk, parent of shipping line Maersk, said it has bought back almost $600 million of a total planned $1 billion worth of its own shares in the first phase of a purchase program.

Copenhagen, Denmark-based Maersk (OTC:AMKBY) in February announced it planned to buy back a total of $2 billion worth of shares in two phases over 12 months.

The first phase of the buyback program began Feb. 7 and will run to August of this year. The shares to be...

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