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(Reuters) - Charter Communications Inc said it would buy Time Warner Cable Inc in a deal valued at $78.7 billion, as the second and third largest U.S. cable operators look to better compete with market leader Comcast Corp. The equity portion of the deal is $55.76 billion based on Time Warner Cable's diluted shares outstanding as of March 31. The offer values each Time Warner Cable share at about $195.71 based on Charter's closing price on May 20, the companies said in a statement on Tuesday. Time Warner Cable's shares rose 11.6 percent to $190.50 in premarket trading, while Charter's stock was up 3.2 percent at $181.
At least 800 people have died in a major heatwave that has swept across India, melting roads in New Delhi as temperatures neared 50 degrees Celsius (122 Fahrenheit). India's Meteorological Department said it had issued heat warnings to several states where temperatures were forecast to top 45 degrees Celsius over the next few days.