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  "documentTitle": "PepsiCo (PEP)",
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  "authorName": "Nelson Peltz",
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  "notes": "The slide serves as a summary of a previously shared research note titled 'The Case For Separating Global Snacks & Beverages'.",
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      "text": "How PepsiCo's corporate culture has deteriorated; review of underperformance vs peers; examples of beverage/snack dis-synergies; CEO admission of acquisition mistake; benefits of separation; mitigation of dis-synergies.",
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      "text": "While we had hoped that PepsiCo's management and Board would make the best decision for their businesses and enhance long-term value for shareholders, this has not occurred.",
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      "text": "As support for our recommendations, we have updated our comprehensive strategic analysis (\"The Case For Separating Global Snacks & Beverages\"), which we previously shared with you in November. It shows:",
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      "text": "Two recent examples are Kraft / Mondelez and News Corp / 21st Century Fox, which have created $32bn and $31bn of market capitalization, respectively, since announcing separations.",
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      "text": "How at a meeting in the fall of 2013, CEO Indra Nooyi told Nelson that the acquisition of the bottlers was a \"mistake,\" thereby conceding that $21bn ($17bn excluding the equity PepsiCo previously owned in the bottlers) was misspent.",
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