In Brief: Shareholders Approve Sale of CoreStates

Shareholders of CoreStates Financial Corp. Friday overwhelmingly approved the company's proposed merger into First Union Corp.

At a special meeting, 78% of the shares eligible to vote were cast in favor of the $16.6 billion deal.

Under a Nov. 18 agreement, CoreStates shareholders will receive 1.62 shares in First Union for each share of CoreStates. The deal is expected to be completed by April 30.

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