over. It comes as the company announced substantial profits accruing to shareholders.

The huge pharmaceutical company's biggest shareholder, Mr. Curt Engelhorn, the man who is credited with building the company into the global, corporate powerhouse that it is, has decided he will no longer fight other board members for control.

The shock revelation was made in open court yesterday, amidst a clutter of legal arguments that challenged the right of the protector of two Bermuda trusts, German lawyer Dr. Jurgen von Knieriem who is a long time friend of Mr.

Engelhorn, to move the trusts from the Bank of Bermuda's Bermuda Trust Company to Grosvenor Trust Company.

Corange Ltd. is the parent company of one of Germany's largest healthcare companies, Boehringer Mannheimer.

The board has been fighting to oust Mr. Engelhorn, the 67-year-old German who speaks for 42 per cent of the family-owned Corange's shares through three different trusts. He was replaced as chairman of Corange and the board wanted him removed as chairman of the supervisory board of Boehringer Mannheim, a company founded 125 years ago.

Mr. Engelhorn's decision to quit comes as the company this week announced for the second consecutive year a $50 million dividend.

Further details are expected to emerge at the Special General Meeting being convened next week Friday.

Mr. Engelhorn, who was being advised by the investment bank, Goldman Sachs International, had been the chief executive officer of Corange for 30 years up until 1990.

Just a month ago, he threatened to sell his shares in the company in a share offering that would have taken the company public, rather than submit to the board's plans to have him ejected. And in a letter to shareholders he was highly critical of the way the company was being run.

Mr. Curt Engelhorn.