CanTV ( VNT) plunged 26% Tuesday on news the Venezeulan government plans to take control of the telecom firm.

CanTV said it was aware of President Hugo Chavez's decision to nationalize it but had received no approach from the government, Reuters reported. Verizon ( VZ) owns a quarter of the firm.

CanTV shares fell $4.33 to $25.71.

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