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The JSE and New York-listed miner said it was planning to increase its dividend payout policy to between 30 percent and 45 percent of normalised profit, an increase compared to its standing policy of between 24 to 35 percent.
Gold Fields'share price intra-day trade in the JSE nevertheless fell by 2.25 percent to R154.99 following the announcement.
Yamana Gold operates gold, silver, and copper mines in Canada, Chile Brazil, and Argentina.
In May, Gold Fields said it planned to acquire Yamana in a deal valued at about R10 billion and shareholders expressed concerns about the high price of the acquisition and the dilution of shares.
On Monday, the mining group said the acquisition would enhance its dividends as it has a strong cash flow, and this will enable it to declare an interim and final dividend, while targeting a dividend at the top end of the revised dividend policy for the 2023 dividend cycles.
Gold Fields chief executive, Chris Griffith, said "The acquisition of Yamana represents the culmination of many months of assessing the best option to accelerate Gold Fields'growth strategy and deliver long-term shareholder value.
Having explored both organic growth and bolt-on acquisitions, moving now to complete this transaction is the best opportunity for both speed of delivery and value to accelerate the next phase of the company's growth," he said.
Griffith said Gold Fields had proven capacity to unlock the full potential of Yamana's world-class assets, which will give Gold Fields a stronger capital market profile and enable it to generate superior shareholder returns.
"I have been greatly encouraged by the constructive discussions we have had with our shareholders. The board and management team remain steadfast in their belief in the long-term benefits that this deal will bring to both sets of shareholders," he said.
The transaction is subject to the approval of at least two-thirds of the votes cast by Yamana Gold shareholders.
"The issuance of Gold Fields'shares under the transaction is also subject to the approval of at least 75 percent of the voting rights exercised on such resolution by Gold Fields'shareholders at a special meeting," the group said.
Gold Fields said if the acquisition is finalised, it will also apply to have its securities listed on the Toronto Stock Exchange to provide shareholders additional flexibility, at a limited incremental cost.
Gold Fields shareholders are set to vote on the deal at a meeting scheduled for October 12.
