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  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "The slide uses a bar chart to frame the CEO's performance as inefficient and costly compared to peers.",
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      "kind": "callout",
      "text": "Based upon publicly available disclosure, the separation of Alcoa and Arconic was the most expensive separation of a company with a below $50 billion market capitalization in at least the past 5 years",
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      "text": "Arconic/Alcoa Separation Cost vs. Other Spinoffs since 2012",
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      "text": "Disclosed Separation Costs ($mm): $219",
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      "text": "In summary, although Dr. Kleinfeld has repeatedly attempted to take credit for the Separation, the fact of the matter remains that his only real contribution was to complete it years later than the market had hoped for and more expensively than ever before",
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      "text": "Note: Separation costs are for U.S. transactions above $1 billion where at least 80% of SpinCo was distributed and exclude prepayment penalties. Transactions above exclude REIT spinoffs and companies above $50 billion in market cap. This analysis is based on self-disclosed separation costs taken from RemainCo financials. Cost categories may vary by company given differing levels of disclosure and disclosure requirements",
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      "kind": "title",
      "text": "Of Course, It Would Have Been Preferable to Do So Cost Effectively",
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