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Cooper slashes dividend by 32% ahead of acquisition vote

Cooper Industries PLC has cut its dividend by 32% ahead of Eaton Corp.’s planned $11.8 billion acquisition of the electrical products maker, the business website reports. The dividend is payable Nov. 16 to shareholders of record on Nov.1.

Cooper trimmed its payout to 21 cents a share from 31 cents, which should save the company about $16.2 million a quarter, the website said.

The deal with Eaton, a diversified industrial manufacturer, was announced in May. Eaton provides a dividend of 38 cents, amounting to a roughly 3.4% annual yield. Eaton and Cooper shareholders will vote on the acquisition proposal on Oct. 26th.

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