Ahold has reached agreement with Chilean retailer Cencosud on the terms of a $315m sale of its controlling stake in the Argentine supermarket chain Disco.

But Ahold said it would first need to address certain Argentine and Uruguayan court orders which were in effect to prohibit the sale of Disco shares it holds.

Cencosud operates 12 hypermarkets and 23 DIY stores in Argentina and acquired Ahold’s stake in the Chilean supermarket chain Santa Isabel in July 2003.