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Brian Schweitzer on Corporations

Democratic MT Governor

 


Take over Montana mining company to keep jobs in Montana

He speaks with a populist's disdain for corporations. He paints himself as the defender of the hardworking miner. In January, after leaving the governorship, Schweitzer partnered with a New York hedge fund to instigate a hostile takeover of Stillwater, a palladium and platinum mining concern and one of the state's largest companies. Stillwater had purchased copper and gold interests in both Canada and Argentina and had seen its stock price plummet. Schweitzer said it reminded him of the turmoil in Montana after the once-powerful Anaconda Copper expanded into Chile in the mid-20th century as a hedge against Montana's powerful mineworker unions, and went bust when Chile nationalized the mines.

In May, Schweitzer and his investment partners took control of Stillwater, with Schweitzer named the new chairman of the board. Stillwater has since reduced its interest in Argentina. Schweitzer also owns nearly 40,000 shares (worth $450,000). It's all for the sake, he says, of protecting Montana jobs.

Source: Michael Warren in The Weekly Standard magazine , Dec 23, 2013

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Page last updated: Mar 25, 2015