WINSTON-SALEM, N.C. -- Wachovia Corp. said its board authorized the repurchase of up to five million common shares, an increase from the three million shares originally authorized for the buyback.

In a press release, the company said it had 173,498,420 common shares outstanding as of June 30.

Wachovia said it intends to use some or all of the shares repurchased for its employee stock plans, dividend reinvestment plan, and other appropriate purposes.

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