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Mont. mining company fights Schweitzer takeover

By Associated Press
Published On: Mar 20 2013 10:30:54 AM MDT
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HELENA, Mont. -

The directors of a Montana mining company are urging shareholders to reject a takeover bid by a group that includes former Gov. Brian Schweitzer.
   
Stillwater Mining Co. Chairman and Chief Executive Officer Frank McAllister said Wednesday the company is well-positioned to expand its platinum and palladium production if the current leadership remains.
   
He says the takeover bid stems from a "misguided" agenda that could hurt the company's future growth.
   
Schweitzer and the Clinton Group, a New York hedge fund, have criticized Stillwater's expansions into Argentina and Canada. They blame McAllister for a long-term share price decline, and want to oust him and install a new slate of directors, including Schweitzer.
   
The opposing factions are trying to sway shareholders to support them ahead of Stillwater's May 2 annual meeting.