Polar Air Cargo Worldwide has appointed a new Chief Operating Officer and a new Chief Financial Officer, both of whom are senior executives at DHL Express, which has recently taken a 49% stake in the company.

The new Chief Operating Officer is Randy Clark . Formerly Vice President of Sales for DHL 'Global Customer Solutions' in the Americas, he has also filled posts with DHL Express and was a former Chief Operating Officer of Circle International. The new appointment of Chief Financial Officer is also a DHL manager, being 'Vice-President of Controlling' with DHL Express before his appointment to Polar.

DHL has recently taken a 49% stake in Polar whilst also giving the company a 'block-booking' contract, buying capacity from Polar to serve its Express operations in North and South America for the next twenty years. Polar estimate that its business with DHL will be worth around $3.5billion over the lifetime of the contract. The equity stake, which only carries 25% of Polar's voting rights, cost $150million. The remaining 51% is owned by Atlas Air Worldwide Holdings.

The move raised eyebrows in the US as there is a bar to non-US investors owning majority stakes in US airlines. Whilst the 49% stake that Deutsche Post World Net/DHL has taken in Polar was legal there was a sense that DHL has a heavy influence over the management of a US carrier. The appointment of the new COO and CFO only increases this impression.

In another takeover battle, ASTAR, in which DPWN has a 49% equity stake, has restated its offer for ABX Air and set a deadline for its acceptance. John Dasburg, Chairman and CEO of ASTAR has written to the board of ABX Air to warn that ASTAR will withdraw its offer to buy ABX if he and his board does not receive a response to the offer. ASTAR made a bid to buy ABX at $7.75 on June 26th.