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  "docSlug": "03a523e87675",
  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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  "notes": "Uses a timeline to illustrate the accumulation of brands (Jacobs, Nabisco, Cadbury, Milka, LU) leading to the formation of Mondelez.",
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      "kind": "callout",
      "text": "We believe MDLZ's enormous efficiency opportunity exists because MDLZ was created through a series of acquisitions made by legacy Kraft that were never properly optimized or integrated",
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      "text": "We believe MDLZ’s enormous efficiency opportunity exists because MDLZ was created through a series of acquisitions made by legacy Kraft that were never properly optimized or integrated",
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      "text": "Significant number of SKUs, formats and formulas\nFragmented supplier base\nSub-scale plants with low efficiency assets",
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      "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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