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  "documentTitle": "PepsiCo (PEP)",
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  "authorName": "Nelson Peltz",
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  "presentationDate": "2014-02-19 00:00:00",
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      "text": "If you multiply the company's $1.1bn of unallocated corporate costs (which would be eliminated if the businesses were separated) by 11x (PepsiCo's multiple of enterprise value / 2014 earnings before interest, taxes, depreciation and amortization (EBITDA)), it costs shareholders $12bn of value, or $8 per share, to have beverages and snacks together in a holding company structure.",
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      "text": "Trian believes these dis-synergies can be fully offset. First, management can take responsive action... Second, based on Trian's experiences with corporate spin-offs, initial estimates for dis-synergies can be more than 100% offset by cost savings...",
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      "text": "Elimination of an entire layer of corporate overhead. We believe PepsiCo's holding company structure is one of the reasons why its margins are hundreds of basis points lower than peers. PepsiCo's \"core\" corporate unallocated expense was $1.1bn in 2013...",
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