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  "documentTitle": "PepsiCo (PEP)",
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  "authorName": "Nelson Peltz",
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  "notes": "This slide uses a comparison frame to systematically dismantle corporate synergy claims.",
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      "text": "R&D driven productivity (processes, packaging and ingredients) is not dropping to the bottom line → EBIT margin has declined since 2006 (excl. M&A)",
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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... (1) SEC filings and Trian estimate for PepsiCo pro forma results excluding Wimm-Bill-Dann, Pepsi Bottling Group and Pepsi Americas.",
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      "text": "Appendix G: Capability Sharing: A Power of One Myth?",
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