Gold Fields ( NYSE: GFI ) said Monday it will revise its dividend polic y to enable it to declare an interim and final dividend each year based on 30-45% of normalized earnings, and will seek to list its shares in the Toronto Stock Exchange if it completes the acquisition of Yamana Gold ( NYSE: AUY ), in an effort to win over investors, some of whom have criticized the proposed takeover .
For the 2023 dividend cycle, Gold Fields ( GFI ) said it is targeting a payment totaling 45% of earnings, the top end of the new policy range.
Gold Fields ( GFI ) CEO Chris Griffith said he was encouraged by ongoing "constructive discussions" with shareholders , and believes the Yamana deal helps it achieve a long coveted foothold in Canada while offering synergies in South America.
In May, Gold Fields ( GFI ) agreed to buy Yamana in an all-stock deal valuing the Canadian company at $6.7B .
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Gold Fields to enhance dividend policy in bid to boost Yamana deal value