Morgan Stanley is advising Degussa, the German specialty chemicals group, on the $470m (€531m) sale of a division to US-based Baxter International.

The deal is one of a series of disposals by Degussa which is creating opportunities for several investment banks. Morgan Stanley has been involved in several other Degussa deals over the last year, including the €50m disposal in June of AWD.pharma to Pliva, a Croatian company. The relatively small size of the transaction indicates the importance Morgan Stanley attaches to the relationship.