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  "documentTitle": "PepsiCo (PEP)",
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      "text": "While the difference between separating all or parts of beverages is ~$8 per share in value, we believe the intangible benefits of separating the entire business are considerable: 1) creates two pure-plays; 2) preserves global brands; 3) maximizes probability of value-add strategic moves for each business in the future",
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      "text": "Note: The estimates, projections, pro-forma information and potential impact of Trian's ideas set forth herein are based on assumptions...",
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