Exhibit 99


UNIVERSAL CORPORATION                                      NEWS     
P.O. Box 25099                                             Phone:  (804)359-9311
Richmond, VA 23260                                         Fax:    (804)254-3584


Contact:                                                        Release:
KAREN M. L. WHELAN                                              IMMEDIATELY
(804)359-9311                                                   



         RICHMOND,  Va.,  Dec.  3  /PRNewswire/  -- The  Board of  Directors  of
Universal  Corporation (NYSE: UVV - news) today declared a dividend distribution
of one Preferred  Share  Purchase Right on each  outstanding  share of Universal
common  stock.  

         Henry H.  Harrell,  Chairman and Chief  Executive  Officer of Universal
Corporation,  stated: "The Rights are designed to assure that all of Universal's
shareholders  receive  fair and equal  treatment  in the  event of any  proposed
takeover of the Company and to guard against  abusive tactics to gain control of
Universal without paying all shareholders a premium for that control. The Rights
are not being  adopted in response to any specific  takeover  threat,  but are a
response  to  the  general  takeover  environment.  These  Rights  will  replace
Universal's existing Rights Plan, which expires in February 1999."

         The Rights are intended to enable all Universal shareholders to realize
the  long-term  value of their  investment  in the Company.  The Rights will not
prevent a takeover,  but should  encourage anyone seeking to acquire the Company
to negotiate  with the Board prior to attempting a takeover. 

         The Rights will be  exercisable  only if a person or group acquires 15%
or more of Universal's common stock or announces a tender offer the consummation
of which would  result in  ownership  by a person or group of 15% or more of the
common stock. Each Right will entitle shareholders to buy one two-hundredth of a
share of a series of junior  participating  preferred stock at an exercise price
of $110.00. 

         If a person or group  acquires 15% or more of  Universal's  outstanding
common  stock,  each Right will  entitle  its holder  (other than such person or
members of such group) to purchase,  at the Right's then-current exercise price,
a number of Universal's common shares having a market value of twice such price.
In addition,  if Universal is acquired in a merger or other business combination
transaction after a person has acquired 15% or more of the Company's outstanding
common  stock,  each Right will entitle its holder to  purchase,  at the Right's
then-current  exercise price, a number of the acquiring  company's common shares
having a market  value of twice such  price.  The  acquiring  person will not be
entitled to exercise these Rights. 

         Prior to the  acquisition by a person or group of beneficial  ownership
of 15% or more of the Company's  common stock, the Rights are redeemable for one
cent per Right at the option of the Board of  Directors.  

         The Board of Directors is also  authorized to reduce the 15% thresholds
referred to above to not less than 10%. 

         The dividend distribution will be made on February 13, 1999, payable to
shareholders  of record on that date,  and is not taxable to  shareholders.  The
Rights will expire on February 13, 2009. 

         Universal  Corporation  is a  diversified  company with  operations  in
tobacco, lumber, and agri-products.  Its gross revenues for the fiscal year that
ended on June 30, 1998 were approximately $4.3 billion.