By Bowdeya Tweh

Eaton Corp. (ETN) said Wednesday it plans to challenge a $293 million award from an arbitration panel in connection with its 2012 acquisition of Cooper Industries.

The power-management company said the panel's award on Aug. 23 is related to claims brought by Pepsi-Cola Metropolitan Bottling Co. Eaton has said the dispute is related to Pepsi's claims of being harmed by a 2011 settlement agreement resolving litigation Pneumo Abex LLC had brought against various Cooper entities.

Eaton on Wednesday said the award is expected to result in a $205 million after-tax expense on the company's books in the third quarter, reducing earnings per share by 47 cents.

Shares were unchanged in after-hours trading at $83.57. Shares had gained 5.8% this year.

Write to Bowdeya Tweh at bowdeya.tweh@wsj.com

(END) Dow Jones Newswires

August 29, 2018 17:23 ET (21:23 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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