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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2017-09-01 00:00:00",
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  "notes": "P&G is highlighted in yellow to emphasize its low M&A activity compared to peers.",
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      "text": "Cumulative M&A Spend Since YE 2011",
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      "text": "Source: SEC filings and annual reports. (1) Average price per brand acquired represents total dollars spent on M&A since YE 2011 divided by total brands acquired. (2) Reckitt Benckiser's average price per brand acquired excludes Mead Johnson.",
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      "text": "Examples of Small / Mid-Size Acquisitions",
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      "text": "Outsiders Will Come Up with Great Ideas that P&G Can Take Advantage Of Through M&A, As Peers Have Done",
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