"Companies that are not initially competitors may become competitors as product and service lines change and markets evolve," Paul, Weiss, Rifkind, Wharton & Garrison cautioned in a client note.
D.C. Circuit Judge Robert Wilkins seemed skeptical of the government's argument that employees contesting their terminations must to do so on a case-by-case basis before the Merit Systems Protection Board.
Legal observers expect other major companies to copy Exxon, lured by the opportunity to move a portion of their shareholder bases that rarely vote on proxy matters solidly into management's corner.
In an interview, S&C leaders said that, while the firm doesn't make hasty changes due to market conditions, the reality is that the landscape has changed.
