CHARLOTTE, N.C. -- First Union Corp. said its board had approved an increase in the exercise price of certain shareholder rights.

The revised rights agreement kicks in with an exercise price of $110, instead of the previous $80.

The $48.3 billion-asset First Union, whose stock has been trading at about half the old exercise price, said it raised that price because the shares have appreciated substantially since the rights plan was adopted in December 1990.

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