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Moderator, Mary Lehner (Freshfields Bruckhaus Deringer), opened the discussion informing the audience that in the United States, consummated mergers are rarely challenged. However, when they are brought, they typically occur within two years of closing, and as violations of Section 7 of the Clayton Act and Section 5 of the Federal Trade Commission Act. She then presented the issue of whether consummated mergers challenged under Section 2 of the Sherman Act, might present a lower bar than under Section 7 of the Clayton Act. She moderated the discussion by introducing the panelists and allocating speaking time among them.