Copenhagen-listed AP Moller launched the DKK 5.6bn ($1bn) initiative in August and last week said it had purchased a little over $350m so far.

Today the Danish giant set its sights on a further DKK 3.32bn ($550m) of its shares in a stage which will run until the end of February.

It can buy up to 75,000 A shares and 300,000 B shares in this phase, a statement said Monday.

Danske