Bloomberg Akzo Nobel NV, battling an unwanted $24 billion approach from PPG Industries Inc., will carve out its chemicals division and return 1.6 billion euros ($1.7 billion) to shareholders in a move Chief Executive Officer Ton Buechner said is more profitable than a takeover of the centuries-old paintmaker. The separation of chemicals will be carried out within 12 months and …

  Bloomberg Markets struck a note of cautious optimism on Wednesday, with European stocks rising and haven assets declining. UK shares fell as the pound extended its gain following the surprise election announcement. Banks and automakers helped spur the rebound in Stoxx Europe 600 Index following the biggest one-day loss since November. Sterling edged higher after hitting the strongest level …

  DUBAI / Reuters Construction-related shares underperformed Riyadh’s stock market on Wednesday because of poor first-quarter earnings, though troubled Dubai builder Arabtec jumped after shareholders approved a capital restructuring plan. Riyadh-listed Arabian Cement slid by 5 percent after reporting net profit for the three months to March 31 down 55 percent year on year, citing lower sales volumes and prices. …