Ahold Receives Payment for Transferred Disco Shares
ZAANDAM, The Netherlands -- Ahold has received from escrow the final purchase amount for the approximately 85 percent of the shares of Disco S.A., which it transferred on November 1, 2004 to the Chilean retailer Cencosud S.A., after reaching an agreement with Cencosud on the final purchase price adjustment resulting from the closing balance sheet of Disco.
The transaction, which Ahold and Cencosud entered into on March 5, 2004, still requires Argentine antitrust approval, although this will not affect Ahold's retention of the purchase amount. Ahold and Cencosud say they are committed to bringing the process to a successful conclusion and believe that antitrust approval will be obtained in due course.
The purchase amount for the remaining approximately 15 percent of the Disco shares that currently have not been transferred by Ahold to Cencosud remains in escrow until such shares can legally be transferred to Cencosud. As explained before, these shares are subject to certain Uruguayan court orders processed and executed in Argentina.
The transaction, which Ahold and Cencosud entered into on March 5, 2004, still requires Argentine antitrust approval, although this will not affect Ahold's retention of the purchase amount. Ahold and Cencosud say they are committed to bringing the process to a successful conclusion and believe that antitrust approval will be obtained in due course.
The purchase amount for the remaining approximately 15 percent of the Disco shares that currently have not been transferred by Ahold to Cencosud remains in escrow until such shares can legally be transferred to Cencosud. As explained before, these shares are subject to certain Uruguayan court orders processed and executed in Argentina.