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  "docSlug": "61f9ed76fe8f",
  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-06 00:00:00",
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  "notes": "The slide uses a bracketed categorization (Gave Up / Struggling) to frame the M&A history as a failure of core capability.",
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      "text": "Unfortunately P&G's M&A track-record has historically been poor",
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      "text": "P&G should be well positioned to acquire small, mid-size & local brands and use its R&D and marketing clout to take those businesses to the next level. Unfortunately P&G's M&A track-record has historically been poor. We note that in each case below, P&G lost substantial leadership talent at the acquired company, which contributed to disappointing results",
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      "kind": "source-note",
      "text": "Source: SEC filings, investor call transcripts, Wall Street research and Trian due diligence.",
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      "kind": "table",
      "text": "Select M&A Deals and Outcomes for Iams, Clairol, Wella, Fekkai, and Gillette.",
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      "kind": "title",
      "text": "But P&G Must Make M&A Integration a Core Capability...The Company Has Either Given Up Or Is Struggling With Past Deals",
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