Welcome to Wall Street: The Instagram Buy Is All About Facebook's Investors

When Pepsi realised it had converted as many Coca-Cola drinkers as it was going to, it started acquiring fast food chains, including Pizza Hut, Taco Bell and Kentucky Fried Chicken (which were later spun off as Yum! Brands). It made sense, on the surface: each chain’s outlets were a new place to sell Pepsi products, analysts reasoned.

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