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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-04-22 00:00:00",
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      "kind": "callout",
      "text": "The elimination of just these excess costs implies 26% to 55% of incremental shareholder value",
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      "text": "DuPont asserts that Trian has used “faulty extrapolations” to arrive at the estimated $2-$4bn of excess costs. DuPont might say that Trian’s methodology (Approach #1 and Approach #2) is flawed. Regardless, by DuPont’s own methodology, there are $1.7bn of excess costs.",
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      "text": "Excess Corporate Costs: $1.7bn",
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      "kind": "source-note",
      "text": "(1) James Collins... (2) See page 71... (3) Estimated number of employee... (4) DuPont 2011 Form 10-K. (5) Incremental value estimated...",
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      "text": "Approach #3 - % of Employees. At Axalta / Coatings. 2011 Adj. EBITDA - DuPont, before Unallocated Corporate: $420. - Unallocated Corporate: 80. = 2011 Adj. EBITDA - DuPont, after Unallocated Corporate: $339. 2011 Adjusted EBITDA - Axalta: $568. - 2011 Adj. EBITDA - DuPont, before Unallocated Corporate: 420. Excess Allocated Corporate: $148. Axalta Employees: 13,000. Total 2011 DuPont Employees: 70,000. % of Employees: 18.6%. Extrapolation to DuPont. Excess Allocated Corporate: $148. ÷ % of Employees: 18.6%. Implied Excess Allocated Corp Costs: $799. + 2014 Unallocated Corp: 907. = Total Excess Corporate Costs: $1,706.",
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      "text": "Estimated Excess Corporate Costs: DuPont’s Methodology",
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