{
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  "docSlug": "ff2d385c560d",
  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-28 00:00:00",
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  "pageNumber": 24,
  "pageCount": 104,
  "prevPage": 23,
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  "slideType": "problem_statement",
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  "density": "sparse",
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  "notes": "Uses a timeline to illustrate the accumulation of brands (Jacobs, Nabisco, Cadbury, Milka, LU) leading to the current Mondelez structure.",
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  "slideHref": "/slides/019dd923-622c-750b-8b9b-b5e2117e169a/24",
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      "kind": "callout",
      "text": "We believe MDLZ’s enormous efficiency opportunity exists because it was created through a series of acquisitions made by legacy Kraft that were never properly optimized or integrated",
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      "kind": "diagram",
      "text": "Acquisitions drove supply chain complexity",
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      "kind": "list",
      "text": "Significant number of SKUs, formats and formulas\nFragmented supplier base\nSub-scale plants with low efficiency assets",
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      "kind": "source-note",
      "text": "Source: Mondelez February 2015 CAGNY conference presentation.",
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      "kind": "title",
      "text": "Mondelez is Effectively a New Company",
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