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  "documentTitle": "PepsiCo (PEP)",
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  "notes": "Uses a 'before-after' comparison structure to demonstrate the lack of EPS growth despite claimed savings.",
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      "text": "Several productivity initiatives announced since 2008: Productivity for Growth ($1.2bn), 2012-2014 Productivity Plan ($3bn). Also significant announced cost synergies from acquisitions: Pepsi Bottling Group ($550m), Wimm-Bill-Dann ($100m).",
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      "text": "Source: Company SEC Filings, Transcripts. Note: Productivity and synergies are annualized based on Trian estimates. (1) Q4 2012 transcript 2/14/13.",
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