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  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "notes": "The slide highlights P&G's low M&A activity compared to competitors like Reckitt Benckiser and Henkel.",
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      "text": "Source: SEC filings and annual reports. (1) Average price per brand acquired represents total dollars spent on M&A since YE 2011 divided by total brands acquired. (2) Reckitt Benckiser's average price per brand acquired excludes Mead Johnson.",
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      "text": "Outsiders Will Come Up with Great Ideas that P&G Can Take Advantage Of Through M&A, As Peers Have Done",
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