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Andeavor energy company to pay $20 million fine for lax internal controls related to stock buyback plan

( October 15, 2020, 22:00 GMT | Official Statement) -- MLex Summary: Andeavor energy company agreed to pay a $20 million penalty to settle US Securities and Exchange Commission charges of internal controls violations relating to a stock buyback plan it carried out while in talks to be acquired by Marathon Petroleum. In early 2018, San Antonio-based Andeavor bought 2.6 million shares from investors at an average price of $97 a share; a month after completing the buyback, the company announced its acquisition in a deal valuing the company at $150 a share.Statement follows below:...

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