The deal will mean that Treasury Wine Estates Ė the division which owns brands such as Penfolds, Lindemans and Rosemount Ė will become a separate entity. It currently generates A$1.9 billion in sales revenue.
The beer operation, known as Carlton & United Breweries, is best known in the UK for Fosterís lager, although the rights to that brand are owned here by Heineken UK. Its annual sales are A$2.4 billion.
Shareholders meet in Melbourne at 9am and are expected to give the go-ahead to the deal, ending 15 years of the company operating as a combined beer and wine business.
If the vote goes as expected, the two companies will legally separate on May 10, each with its own shareholding structure.