Fidelity National Financial Inc. has called off its plan to acquire troubled rival LandAmerica Financial Group Inc., the companies said Friday, a development that casts doubt on LandAmerica's long-term prospects.Fidelity and LandAmerica both issued terse statements at 8 p.m. Eastern Time Friday saying Fidelity had exercised its right to back out of the deal during a due diligence period.LandAmerica lost $599.6 million during the third quarter and was in danger of defaulting on its debts, the company said in a recent regulatory filing. Fidelity announced an agreement on Nov. 7 to acquire LandAmerica in an all stock deal valued at $128 million (see Inman News story). Based on their 2007 market share, the combined companies might have controlled about 45 percent of the U.S. title insurance bu...
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