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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2014-02-19 00:00:00",
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      "kind": "callout",
      "text": "Synergies in other international markets (31% of overall PepsiCo sales outside the Americas) do not justify keeping snacks / beverages together",
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      "text": "Retailers impose a cost when manufacturers use a strong brand to “drag along” a weak brand.",
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      "text": "PepsiCo snacks and beverages outside N. America developed independently.",
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      "text": "Market share analysis across PepsiCo’s top markets confirms little benefit from Power of One. Based on a review of Euromonitor data for PepsiCo’s top 25 countries by retail sales, the company’s beverage business has lost market share in 15 countries and its snacks business has lost market share in 11 countries from 2009-2012.",
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      "text": "While Frito-Lay N. America’s performance has improved, Quaker Oats continues to struggle. Organic growth has declined 1%, on average, and margins have fallen considerably over the past five years.",
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