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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2013-07-01 00:00:00",
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  "notes": "The table lists 15 historical M&A deals in the consumer staples sector to justify the 8.3% synergy assumption.",
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      "text": "Announced synergies have averaged 8.3% of target sales across precedent consumer staples acquisitions",
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      "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable...",
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      "text": "Announced synergies have averaged 8.3% of target sales across precedent consumer staples acquisitions. Some acquirers have far exceeded targeted synergies. There is potential for significant synergy in a PEP/MDLZ merger. 8% of Mondelez's sales implies up to $3bn of synergies. Trian believes synergies must drop to the bottom line.",
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      "text": "synergies as % of target sales: 8.3%",
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      "text": "Precedent Large-Cap Consumer Acquisitions: Announced Synergies as % of Target Sales. Table includes Acquirer, Acquired, Date, PY Sales, Est. Savings, and % of Sales for 15 deals.",
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      "kind": "title",
      "text": "Synergies: An Opportunity Worth Up to $33bn (61% of Mondelez Market Cap)",
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