Shareholders have given the go-ahead for Belgium's Interbrew to buy Brazil's AmBev, in a deal valued at about €8 billion that will create the world's largest brewer.

In extraordinary meetings in Brussels and Sao Paulo, the shareholders of the two companies voted in favour of the share deal, which will create a global beer behemoth with brands including Stella Artois, Beck's, Bass, Rolling Rock, Brahma and Skol.

Combined, the companies will surpass Anheuser-Busch as the world's biggest brewer in terms of volume.

Earlier this week Interbrew announced it was closing the Bass Ireland Ulster Brewery in Belfast with 85 job losses. Its remaining operations in Belfast, Derry and the Republic are unaffected.

"We are creating the world's premier brewer three [of the] top 20 brands in the world," Interbrew chief executive Mr John Brock said yesterday. "We not only want to be the biggest in terms of volume, but we want to be the best."

Mr Brock, who will remain the chief executive after the merger, said Interbrew's margin on earnings before interest, taxes, depreciation and amortisation was 25 per cent, against Anheuser-Busch's 28 per cent.

"We believe we can be at 30 [per cent profit margin] in the next several years," he said.

Interbrew expects €280 million of annual cost savings from the merger. AmBev said it expects $190 million in annual cost savings and a 40 per cent cash generation boost from the incorporation of Interbrew's Canadian brewer Labatt.

Shareholders also approved InBev as the new company name. - (Reuters)