Chilean seafood giant Camanchaca and Grupo Bio Bio are heading to arbitration to resolve a disagreement relating to the sale of a 30 percent stake in Camanchaca's Pesca Sur pelagic division.

Camanchaca currently owns 70 percent of Pesca Sur and Bio Bio 30 percent.

Under an agreement, Camanchaca is obliged to acquire Bio Bio's full stake should it opt to sell.

In mid September, Bio Bio informed Camanchaca of its intention to do so, Camanchaca told the Chilean stock market regulator (CMF).