Thank you. And thanks as well to Barry Nigro, Kathleen Foote, Bill MacLeod and the American Bar Association Antitrust Section, for the opportunity to speak today at the Fall Forum. This all came about over the summer, when I thought that it might be interesting to do a presentation on how the Antitrust Division has looked recently at vertical mergers. Not a broadly engrossing topic, I thought at the time, but one that might be of some limited utility to antitrust practitioners. But now there’s actually a vertical merger in the news. To be very serious, the timing of this was coincidental, and this speech does not address any pending transaction in any way. Nor do I want you to read into it any kind of coded messages. It’s just an attempt to summarize recent developments in what Sherlock Holmes, in a different context, said was a question of “some interest.”


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