PRESS DIGEST-Australian Business News - Apr 20

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)

--Partners in ExxonMobil XOM.AX's liquefied natural gas project in Papua New Guinea anticipate the finalisation of a US$11 billion (A$15 billion) financing package by July. Export credit agencies (ECAs) are expected to offer a majority of the funding, and an industry source said "we wouldn't anticipate we would require a huge amount from commercial banks because the ECAs seem to have a lot of money available." ExxonMobil has a 41.5 percent stake, with oil and gas explorers Oil Search with 34 percent and Santos with 17.7 percent. Page 13.

--The chairman of BrisConnections BCSCA.AX has admitted he offered the company's largest investor between A$2 million and A$3 million in exchange for voting against a motion to wind up the business. Trevor Rowe told national broadcaster ABC that one of the company's underwriters, Macquarie Bank (MQG.AX), asked him to call an advisor to Nicholas Bolton of Australian Style Investments. Mr Rowe says he was told 'Mr Bolton's not going to do anything under five million." Mr Rowe had earlier claimed it was Mr Bolton who called him seeking to make a deal. Page 13.

--Energy provider Origin Energy (ORG.AX) says that contrary to reports it's A$35 billion liquefied natural gas project in Queensland remains on schedule. Late last week Citigroup analysts cited "the realities of today's economic environment" would the most likely lead to a three-year to five-year delay on the project. But a spokesperson for Origin insisted yesterday that the company's plan to have its first processing line in operation by 2014 remains "on track." Page 14.

--Analysts believe that at today's annual general meeting the chairman of Indophil Resources (IRN.AX) will face pressure from shareholders over last year's two failed takeover bids for the company. Major shareholder Lion Selection (LST.AX) has demanded that chairman Brian Phillips address a series of questions in relation to governance, performance and transparency. "Indophil's share price has fallen by approximately 80 percent since two cash bids were made for the company," said Lion's managing director, Robin Widdup. Page 14.

THE AUSTRALIAN (www.theaustralian.news.com.au)

--Investors opposed to mining giant Rio Tinto (RIO.AX) (RIO.L)'s proposed deal with Chinalco are expected to push for an overhaul of the board at today's annual general meeting, according to analysts. Under the deal, Chinalco would take an 18 percent stake in Rio and up to 50 percent in Rio's iron ore, copper and aluminium assets. Duncan Seddon of the Australian Shareholders Association says he's against the deal on corporate governance grounds and local shareholders have been advised to oppose the re-election of all the directors. Page 19.

--A group of banks may buy out the 8000 subordinated noteholders of failed investment bank Babcock & Brown (BNB.AX). Analysts believe a syndicate of 25 banks could offer a better deal than the rejected A$600,000 offered by management to shareholders in March. Wayne Powell, who represents a group of 40 noteholders, said "we are in the dark about what is going on." The appointed administrators of Babcock & Brown have four months to examine the business affairs of the company. Page 19.