On December 14, 2006, the Competition Bureau announced that a consent agreement was filed with the Competition Tribunal in relation to the acquisition by Akzo Nobel N.V. (Nobel) of Imperial Chemical Industries (ICI). Nobel’s paint brands include Sico, PARA, Béntonel and Crown Diamond, while ICI’s brands include CIL, Glidden, Colour Your World and Ralph Lauren.

The consent agreement requires Nobel to divest certain paint brands, including the PARA business and the Crown Diamond brand, and related assets in Canada in order to address the Bureau’s competition concerns in the supply of paint resulting from the acquisition of ICI. In addition, the consent agreement requires Nobel, for a period of five years, to cease a program in Quebec that rewards retailers for carrying only Nobel brands or for the number of Nobel brands purchased in Quebec.