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  "documentTitle": "PepsiCo (PEP)",
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      "text": "If PepsiCo does not pursue a Mondelez transaction, we believe it must separate snacks / beverages.",
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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, but there can be no assurance that actual results or performance of the Issuer will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security.",
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      "text": "PepsiCo has indicated that it is not inclined to pursue a Mondelez transaction though we disagree with their rationale and hope they will reconsider their position",
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      "text": "If PepsiCo does not pursue a Mondelez transaction, we believe it must separate snacks / beverages. We believe a separation will create a focused snacks leader positioned to deliver attractive growth and productivity initiatives that hit the bottom-line. We believe it will also create a beverages leader that can combine an efficient capital structure, high dividend and operational improvements to unlock value. Separating beverages from snacks preserves the possibility of a strategic transaction in the future, which can create additional value",
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      "text": "To unlock shareholder value, we have recommended to PepsiCo that it pursue one of two strategic alternatives:",
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      "text": "implied value per share: $175",
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      "text": "Alternative A: Merge with Mondelez, creating a global snacks powerhouse. Use acquisition as catalyst to separate beverage -> ~$175 implied value per share by the end of 2015 (only way for shareholders to capture up to $33bn in cost synergies)",
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      "text": "Alternative B: Separate global snacks and global beverage into two standalone companies -> approximately $136 – $144 implied value per share by the end of 2015 depending on whether PepsiCo spins all of beverages, Americas beverages or N. American beverages",
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