Troy Resources executives may not be all smiles after a friendly takeover of Azimuth Resources.

Troy launched a bid to take over Azimuth earlier this year in a spectacularly ill-timed move, offering a price on the company while gold was at $US1600 an ounce, just weeks later the value of gold dropped to $US1200 an ounce.

It was a serious hit to the share prices of both companies, one which lead to Troy ripping itself off on the takeover of Azimuth.

Troy Resources chief executive Paul Benson says he’s happy now the takeover is complete, but in hindsight may have done things differently.

Both Troy and Azimuth have their major gold operations in South America. News of the merger has pushed Troy shares up 15 cents to $1.55on Thursday morning.