Diageo, the world's largest spirits company, said today it had sold its wine interests in Argentina to Grupo Peaflor for an undisclosed amount. 

The sale includes the Navarro Correas and San Telmo wine brands along with production sites and vineyards, Diageo said.

Diageo, the maker of Guinness, Smirnoff vodka and Johnnie Walker whisky, said Peaflor would also distribute its international spirits brands across the region. 

Diageo said it expects to record an exceptional pretax loss of about £60m once the deal is completed, as expected, early next year.