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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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      "kind": "callout",
      "text": "We do not understand how PepsiCo claims significant cost synergies between beverages and salty snacks but limited cost synergies between salty snacks and sweet snacks",
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      "text": "PepsiCo Rationale vs Trian Perspective",
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      "text": "PepsiCo Has Indicated That It Is Not Inclined To Pursue A Mondelez Transaction: We Disagree With Their Rationale",
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