Fidelity calls off LandAmerica merger

LandAmerica's future in doubt

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.