Shares in Finnish chemicals firm Kemira fell 28.7% on Wednesday, reflecting the upcoming spin off of paints unit Tikkurila following approval of the plan from the company's annual general meeting.

Kemira's annual general meeting on Tuesday approved plans to give shareholders one share in Tikkurila for every four Kemira shares held, handing over 86% of the business, which is strong in the Nordic region and the high-growth Russian market.

Tikkurila is due to start trade on or around March 26.