Tsingtao Brewery Co Ltd and Anheuser-Busch are aiming to revise their strategic agreement after AB's acquisition of Harbin Brewery Group Ltd, according to press reports. The Standard cited Tsingtao's Chairman Li Guirong as saying that, under the current agreement Tsingtao will not co-operate with another foreign brewer in China and AB will not join forces with another local brewer.

Li told Hong Kong reporters at the company's headquarters in Qingdao that AB's takeover of Harbin, China's fourth largest brewer, broke an agreement which was signed two years ago.

However Li said that when AB, which has a 9.9% stake in Tsingtao, notified his company about its interest in taking control of Harbin, Tsingtao supported the decision.

Li would not clarify what exactly the two brewers will discuss.

"How are we going to proceed is still under discussion ... It will definitely be in the best interests of our shareholders," he said, without specifying a time-frame.