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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-02-19 00:00:00",
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  "notes": "Uses a comparison framework to systematically dismantle synergy arguments.",
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      "text": "In Trian's experience, dis-synergies are often more than offset from savings following a break-up as standalone management has \"no place to hide\"",
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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 that Trian believes to be reasonable...",
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      "text": "EBIT margin: 19%",
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      "text": "(1) Source: SEC Filings. EBIT defined as earnings before interest and taxes. Peer group includes KO, DPS and CCE for beverages. Peer group also adds HSY and MDLZ for the consolidated company...",
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      "text": "Comparison of Claimed Synergies vs Trian Response across Procurement, Shared Corporate Functions, and Consolidated Margins.",
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      "kind": "title",
      "text": "Appendix G: Cost Savings: A Power of One Myth?",
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