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  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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  "notes": "Slide 11 from an activist investor deck.",
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      "text": "One of the world's largest snack companies with 2015 revenues of ~$27 billion(1)\n~$65bn equity market capitalization\nBorn out of the breakup of Kraft Foods in 2012\nHigh-quality, simple, predictable, free-cash-flow-generative business\nOnly large, publicly traded, uncontrolled “pure-play” snacks company\nWe currently own shares and derivatives representing a ~5.7% ownership stake in the company",
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