Gold Fields Gets Positive Feedback on $7 Billion Yamana Deal
- Gold miner raises interim dividend ahead of Yamana deal vote
- Circular to be issued at end of September or early October
Chris Griffith speaks in Cape Town, South Africa, on May 9.
Photographer: Dwayne Senior/BloombergThis article is for subscribers only.
Gold Fields Ltd. Chief Executive Officer Chris Griffith said he’s getting positive investor feedback on the miner’s $7 billion acquisition of Canada’ Yamana Gold Inc. after initial concerns it was paying too much.
The Johannesburg-based miner’s investors are gaining more understanding of the deal’s rationale before a vote, probably at the end of October or in early November, Griffith said. Some investors initially balked at the 34% premium Gold Fields offered to Yamana investors, and the subsequent share dilution. Gold Fields on Thursday raised its interim dividend by 43% and has promised a more generous payout policy as it seeks investor backing for the deal.