Shareholders in Tsingtao, China's largest brewing group, have approved the strategic investment being made in the company by the US brewer, Anheuser-Busch.

Under the terms of the deal, Tsingtao will issue convertible bonds to Anheuser-Busch in three instalments, with a total value of $182m.

Tsingtao shares have risen by around 31% over the past three months since the deal with Anheuser-Busch was first announced. A-B said in October 2002 that it planned to increase its stake in Tsingtao to 27% by the end of the decade. Anheuser-Busch, the largest brewing group in the world, currently owns 4.5% in Tsingtao.