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Nortel investors approve reverse stock split pla
TORONTO, April 24 (Reuters) - Nortel Networks Corp. (NT) said on Thursday its shareholders voted to give its board the power to consolidate its shares in a reverse stock split.

The vote gives the board the power to consolidate the shares on between a 5 to 1 and a 10 to 1 basis at any date up to April 15, 2004. But the vote does not require the board to do the reverse stock split.

The idea of a reverse stock split was raised last year when Nortel stock sank to 67 Canadian cents. It has since rebounded.

Nortel Chief Executive Frank Dunn played down the prospect of a reverse stock split after the meeting, saying he would prefer to boost the stock by raising profits.