Dutch retail giant Ahold has announced it has partially completed the sale of its 99.94% controlling interest in Argentine supermarket chain Disco to Chilean retailer Cencosud by transferring the ownership of approximately 85% of the outstanding Disco shares.

The remaining approximately 15% of the Disco shares will be transferred to Cencosud as soon as legally possible, Ahold said, adding that these shares are currently subject to certain Uruguayan court orders executed in Argentina that might possibly prohibit their transfer.

The transaction is subject to approval by the Argentine antitrust authorities, but the approval process has met with delays due to a local judicial order preventing the antitrust authorities from continuing their review of the deal, Ahold said. The Argentine government, as well as Ahold and Cencosud, has appealed against the order.

Ahold said it had completed the transaction with Cencosud based on a total value of US$315m for Ahold's entire interest in Disco.

"The divestment of Ahold's activities in Argentina is part of Ahold's strategy to optimise its portfolio and to strengthen its financial position," said Ahold.