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  "authorName": "Trian Partners",
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  "notes": "The slide uses a table to contrast acquisition metrics with activist investor Trian's negative assessment of the deals.",
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      "text": "We believe PepsiCo significantly overpaid for exposure to perhaps the riskiest emerging market",
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      "text": "Source: Company SEC Filings, Press Releases and Bloomberg \"PepsiCo Buys Mabel for as Much as 900 Million Reais, Estado Says\". (1)-(5) footnotes.",
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