Coca-Cola Co.  (KO) plans to release new energy drinks under the company's own banner, but that plan has run into opposition from Monster Beverage Corp. (MNST) , which counts Coca-Cola as its largest stakeholder. 

It was revealed Thursday that the two companies were currently engaged in arbitration over the proposed launch of the drinks, which Monster said could violate an agreement between the two beverage makers. 

Monster shares were falling 3.7% on the news after declining as much as 10% earlier in the session. 

"We have submitted the difference in interpretation to an arbitration panel for resolution, which is the mechanism agreed by the Coca-Cola Company and Monster in the original agreements," a Coca-Cola spokesperson told Reuters. 

Coca-Cola hasn't publicized a timeline for the launch of its drinks, which will be named "Coca-Cola Energy" and "Coca-Cola Energy No Sugar."

Shares of Coca-Cola were down 0.2% on Thursday.

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