Fidelity National Financial Inc., Jacksonville, Fla., has terminated its merger agreement with LandAmerica Financial Group Inc., Richmond, Va. In a terse statement, Fidelity said it took the action "pursuant to its contractual due diligence termination right." It had the right to cancel the deal on or prior to Nov. 21. In its own statement, LandAmerica chairman and chief executive Theodore L. Chandler Jr. said, "We are disappointed with Fidelity's decision; however, our attention remains focused on strengthening LandAmerica's business and exploring strategic alternatives during these incredibly difficult economic times."
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