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      "text": "Significant Realizable Cost Synergies: [Quotes] - Bill Pecoriello, Consumer Edge; Andrew Lazar, Barclays",
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      "text": "Strong Accretion: [Quote] - Alexia Howard, Ali Dibadj, Steve Powers Bernstein 4.22.13",
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      "text": "Creates a Snacking Giant: [Quote] - Judy Hong, Goldman Sachs 3.25.13",
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      "text": "Potential Revenue Synergies: [Quotes] - Kevin Grundy et al., Morgan Stanley; Ali Dibadj et al., Bernstein",
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      "text": "\"Strategically, the combination of PEP's SnackCo and MDLZ would create a global snack giant with leading market share positions across several sub-snack categories, with limited portfolio overlap.\" — Judy Hong, Goldman Sachs 3.25.13; \"Assuming ~$3+ billion in 2016 synergies, a 25% deal premium... we determine that a PEP acquisition of MDLZ could be accretive by ~15%-20% in the first full year.\" — Alexia Howard, Ali Dibadj, Steve Powers, Bernstein 4.22.13; \"The potential for revenue synergies could reach ~$3 billion, based on the benchmark set by Mondelez / Cadbury.\" — Kevin Grundy, Dara Mohsenian and Matthew Grainger, Morgan Stanley 3.25.13; \"The cost synergy opportunity is real. In our work published a few weeks ago, we embedded 9% of Mondelez revenues as synergies (or $3.4B).\" — Bill Pecoriello, Consumer Edge 3.17.13; \"A Merger Could Yield Significant Cost Savings: ...MDLZ's overall margins are well below those of its scaled global Food peers... leaving significant runway for cost savings, in our view.\" — Andrew Lazar, Barclays 3.22.13",
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