Fidelity National Financial Inc. has called off its plan to acquire troubled rival LandAmerica Financial Group Inc., the companies said Friday, calling into doubt 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 terminate the deal during a due diligence period.

LandAmerica Financial Group Inc. 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.

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