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Shares in Akzo Nobel were 2 percent lower at 44.39 euros by 0930 GMT, after hitting their highest level in nearly four years on Friday, helped by M&A activity in the European sector after Bayer (BAYG.DE: Quote, Profile, Research) agreed to buy Schering (SCHG.DE: Quote, Profile, Research).

"There's nothing new on Akzo's filing plans.

Also, shares were up last week on news about Bayer and Schering.

There may be some profit taking today," one trader in Amsterdam said.

Akzo, one of Europe's last chemical-pharmaceutical hybrids, plans to list up to 40 percent of its pharma and animal health operations in the second half of 2006.

Investors welcomed the planned break-up of the group when it was announced last month, and Wilderbeek said Akzo now planned to demonstrate the potential of a promising drug pipeline that has been largely hidden inside the larger conglomerate.

"We've been able to unlock value.

Today we have six products either in Phase III (clinical trials) or in filing (for regulatory approval)," he said.

"We are working toward at least one planned major filing per year." BIG IN NICHE AREAS Industry experts say medium-sized drug makers are struggling to compete in a global pharmace...

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