CORANGE BATTLE WITH ENGELHORN

Corange, the Bermuda-based parent company of the German pharmaceutical group Boehringer Mannheim, is facing the threat of its biggest single shareholder, Curt Engelhorn, selling his stake in the company (Marketletter March 21).

Mr Engelhorn controls 42% of Corange shares through three different trusts as chairman of the supervisory body of Boehringer Mannheim. He says that he is not prepared to hold shares in a company in which he has no say, according to a report in the Financial Times. The Corange board is attempting to eject Mr Engelhorn.

He was chief executive of the group for 30 years until 1990. He is reported to have sent a letter to members of his family demanding the resignation of Max Link, Corange's current chief executive.