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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
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  "authorName": "Nelson Peltz",
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      "text": "There is a $229m difference between the 2011 Adjusted EBITDA reported by Axalta and DuPont, for its Coatings business (same company, same year). We believe much of the difference is excess corporate expense, which in our view, burdens all of DuPont’s businesses",
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      "text": "There is a $229m difference between the 2011 Adjusted EBITDA reported by Axalta and DuPont, for its Coatings business (same company, same year). We believe much of the difference is excess corporate expense, which in our view, burdens all of DuPont’s businesses",
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      "text": "Trian estimates excess corporate costs using two approaches:",
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      "text": "(1)-(5) Detailed methodological notes explaining EBITDA adjustments and allocation logic.",
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      "text": "Source: Axalta Coatings Systems Ltd. Form S-1 filed on 8/20/14, Trian estimates, and DuPont SEC Filings.",
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