Akzo shares hit on drug delays

Shares in chemicals group Akzo were hit hard on Wednesday morning on concerns that the launch of the company’s new treatment for schizophrenia and manic depression could be delayed.

The drug was set to be a major draw when some 30% of the group’s pharmaceutical arm is floated next year. Akzo announced third-quarter net profit up 79% at €313 mln, due largely to one-offs. Turnover rose 5% to €3.45 bn.