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  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 36,
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  "notes": "This slide uses a 'before-after' structure to justify activist intervention by highlighting operational improvements and strategic M&A value creation.",
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      "text": "Sources: Bloomberg, DuPont press releases and transcripts, DuPont SEC filings. Note: This case study is an example of a discrete investment...",
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      "text": "New management led to better operating performance (growth and margin): In 2015, after the company missed earnings targets for a fourth consecutive year, DuPont replaced the CEO/Chair with Ed Breen. Once DuPont replaced management and started to execute on Trian’s operating initiatives, including eliminating the matrix structure, standalone DuPont improved organic growth by ~400bps and eliminated ~$1.7bn of costs pre-merger.",
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      "text": "DowDuPont’s Plans to Separate (M&A): In November 2015, Trian signed confidentiality agreements with both DuPont and Dow after being asked to assist in the negotiation and structuring of a $130bn merge-and-spin transaction. DowDuPont currently plans to separate into three more focused, world-class companies in Agriculture, Specialty Products and Materials Science. $4.3bn of planned synergies to the benefit all shareholders, over and above the standalone improvements pre-merger.",
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      "text": "Poor results under former management: Despite owning iconic industrial businesses and leading market share positions, DuPont underperformed peers and struggled to meet earnings promises. On 3/15/13, the day before Trian first invested in DuPont, the stock price was ~40% below its prior high from 15 years earlier.",
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      "text": "DuPont: New Management and Separation Plans Led to Better Operating Performance (Growth/Margins)",
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