If MDLZ/PEP get together it'll be historic by many measures but mainly because it'll be 2 women steering the conversation, Pepsi's Indra K. Nooyi and Mondelez's Irene Rosenberg.
A couple of things come to mind right away. Irene spent considerable time and money to carve out a nice high growth enterprise (MDLZ) when she split up Kraft. Wouldn't taking on the salty snack line from Pepsi put her right back where she was?
Mondelez's cracker and cookie segment combined with Pepsi's salty snack (plus Gamesa, Quaker) business would overwhelm the industry. They would probably occupy two maybe 2.5 aisles of a normal grocery store. The Gov would have trouble with that.
Many of Pepsi's business's are somewhat similar to the ones Irene escaped. I don't think she'd want to put herself in that situation again. On the other hand, there are segments that would be of interest.
As far as my comment regarding Warren, he was one of Krafts largest holders when she announced the Cadbury purchase. He threw a hissy fit calling the transaction dumb. She paid no attention to him and she was right in the long run.
"She's clear, she's consistent, she's gutsy," said Sheli Rosenberg, one of Chicago's most experienced female deal-makers. "The deal she just concluded proves that. She knows what she wants to achieve, and then she goes after it."
Her public persona ends there. Here stands a woman willing to challenge Buffett on business, a woman who dares to out-oracle the Oracle. On all other subjects, Rosenfeld, 58, appears beyond guarded.
Unlike other CEOs of other big-name Chicago-area companies, she doesn't lend her name to many civic organizations or court media attention. Britons took umbrage when Rosenfeld declined invitations to appear before Parliament and answer questions surrounding the Cadbury deal. A report from the House of Commons said Kraft "steered close to contempt of the House."
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