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  "documentTitle": "ValueAct Seven i Holdings Presentation February 2022",
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  "notes": "The slide uses a stacked bar chart to show the composition of 14bn yen in synergies and a big number callout for the <4% metric.",
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      "text": "The Seven & i subsidiaries focused on food retail have significant standalone scale - enough to have robust private label product innovation and procurement leverage. Standalone competitors with less scale have strong capabilities in these areas",
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      "text": "Limited group synergies – A leading global consultancy estimated Seven & i group synergies at less than 4% of FY21 operating profit, not significant enough to justify the significant conglomerate discount",
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      "text": "Memo: Operating profit adjusted for amortization of goodwill. Synergies analyzed between Seven-Eleven Japan, Ito-Yokado, and York-Benimaru, where the greatest synergies were expected",
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      "text": "Step 3. Exit Remaining Non-Core Businesses",
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