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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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      "text": "If you multiply the company’s $1.1bn of unallocated corporate costs (which would be eliminated if the businesses were separated) by 11x, 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": "Fourth, management argues a separation would \"jeopardize [PepsiCo's] ability to grow in foodservice.\"",
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      "text": "Third, management argues that U.S. cash flow from the beverage business is necessary to provide cash returns to shareholders.",
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      "text": "Finally, a reason cited by some as to why snacks and beverages should not be separated is that a standalone PepsiCo beverage business cannot compete effectively against Coca-Cola.",
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