date:Mar 03, 2014
misused.
Our board and management team are confident in the thoroughness of this analysis and in the conclusion that PepsiCos value is maximized as an integrated food and beverage company. We trust that you appreciate the seriousness with which we have examined your observations and proposal and the firmness with which we reject the proposal to separate the businesses. In short, the board and management have concluded that the financial engineering you propose erodes value for shareholders rath