Fidelity, LandAmerica agree to merger

Flickr photo by lumaxart.

Fidelity National Financial Inc. plans to acquire troubled LandAmerica Financial Group Inc. in a deal it claims would reduce the combined debt of the two companies by $250 million and create a title insurance giant controlling nearly half of the market.

LandAmerica surprised investors this week by postponing the planned release of third-quarter results. Four other major companies -- that, along with LandAmerica, controlled 93 percent of the $14 billion U.S. title insurance market in 2007 -- have all reported third-quarter losses.

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