Merrill Lynch and UBS Warburg have advised on one of Europe's rare multi-billion dollar merger and acquisition deals, working on the sale of Roche's vitamins and fine chemicals division.

The Swiss pharmaceuticals heavyweight is selling the division to DSM, the Dutch life sciences, performance materials and industrial chemicals firm, for Sfr3.5bn (€2.4bn). When it first emerged that Roche wanted to sell the business, which employs 7,500 people, analysts estimated that it could go for as much as Sfr4.5bn. However, a source close to the deal said it was a reflection of the difficult market conditions that Roche got less.