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10.09.2019 13:12:27

Fidelity National to terminate deal to buy Stewart Information Services, citing FTC concerns

Fidelity National Financial Inc. said Tuesday it has terminated the deal to buy Stewart Information Services Corp. , after the Federal Trade Commission moved the block the merger. Fidelity National said it will pay Stewart a break-up fee of $50 million. Shares of both Fidelity National and Stewart were still inactive in premarket trading. On Friday, Stewart's stock had tumbled 7.0% after the FTC issued an "administrative complaint" seeking to block the merger with title insurer Fidelity National, saying it believed the merger would substantially reduce competition. The merger was first announced in March, and was valued at the time at $1.2 billion. Stewart's stock has dropped 18.9% over the past three months and Fidelity National shares have rallied 13.1%, while the S&P 500 has gained 3.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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