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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": "stock price appreciation: 217%",
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      "text": "Yum! Brands. In 1997, PepsiCo spun-off its quick service restaurant business... Since the spin-off, Yum’s market capitalization has appreciated 582% (vs. 189% for McDonalds) and its EPS has appreciated 788% (vs. 377% for McDonalds).",
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      "text": "Pepsi Bottling Group. In 1999, PepsiCo did an initial public offering (IPO) of the Pepsi Bottling Group (PBG)... PBG delivered 217% stock price appreciation... more than 4x the 51% increase that PepsiCo delivered to its own shareholders.",
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      "text": "At a fall 2013 meeting with PepsiCo’s leadership team, the CEO told Nelson that repurchasing the bottlers was a “mistake” but the bottlers were “in disarray.” ... a $21bn “mistake” ($17bn excluding the equity PepsiCo previously owned in the bottlers) is difficult for shareholders to accept.",
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      "text": "Not only did a focused PBG management team deliver superior performance during its period of independence but, at the very end, they crystallized significant value for their shareholders through a major transaction.",
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      "text": "empowered management teams drive improved operating performance over time. Several recent examples of successful spin-offs highlighted below are directly applicable to PepsiCo.",
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