Fidelity National to Refocus on Core Business

Hoping to persuade Wall Street that he’s more focused on acquiring Chicago Title Corp. than on chasing new deals, the chairman of Fidelity National Financial Inc. said that he sold his company’s 19% stake in investment banker Cruttenden Roth Inc. William P. Foley II, who has used his Irvine title insurance firm to buy stakes in numerous related and unrelated companies, also said that Fidelity will likely divest other “non-core” investments. He declined to specify which interests might be sold. “We are focusing on real estate financial services,” Foley said. The moves are designed partly to allay investor fears that Foley has spread himself too thin among various investments and may be distracted from running the merged Fidelity-Chicago, which would be the nation’s largest title insurer. The $1.2-billion merger is expected to close by March.