Shell, Thebe close to settling valuation row

Shell Plc and its South African partner are close to ending a valuation dispute, paving the way for the sale of the oil giant's local downstream assets for as much as $1 billion, according to people familiar with the matter.

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The London-based company has a network of 600 service stations across the country, and Thebe Investment Corp - owned by black investors - has a 28% stake in the local retail operation, bought in 2002 for about $70 million (just over R1.2 billion).

The dispute arose in 2022, when Thebe wanted to exit its stake and the parties couldn't settle on the value of the holding.