PRESS DIGEST-Australian Business News - May 26

Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

The proposed deal between mining company Rio Tinto (RIO.AX)(RIO.L) and Chinese company Chinalco will be the subject of crucial meetings this week that may decide its fate, according to analysts.

Rio chairman Jan du Plessis is scheduled to meet with major Australian investors later this week and early into next week in an effort to gain support.

Federal Treasurer Wayne Swan will attend the Minerals Council of Australia annual conference today and is expected to discuss accelerating foreign investment in the mining sector. Page 20.

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Goldmining company OceanaGold has commenced the search for a new chief executive following the resignation of its incumbent Steve Orr.

The company was forced to announce Mr Orr's pending departure earlier than it wished after the Australian Stock Exchange issued an unrelated share price query last week.

Chairman Jim Askew will fulfil Mr Orr's responsibilities until a replacement is found, with the company hoping to fill the post before Mr Orr leaves at the end of June. Page 20.

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Windfarm electricity generator Viridis has survived an unsolicited offer last month to buy the entire company from a European fund.

The unidentified purchaser is believed to have been primarily interested in wind farm assets located in the United Kingdom and Germany where Viridis has more than 110 mega-watts of electricity generating capacity.

The offer was made in the midst of Viridis' own efforts to reorganise the company and sell-off assets to pay debt, with the company announcing yesterday that it would now return its focus to this plan. Page 20.

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High-performance data services provider NextGen Networks has become the first company to bid for a part of the Federal Government's A$250 million regional broadband tender.

The bid has been made under the Regional Backbone Blackspots Initiative, with NextGen proposing to utilise its existing major fibre optic network which extends from Brisbane to Perth.