Heritage Communications, a Des Moines, Iowa, cable...

Heritage Communications, a Des Moines, Iowa, cable television operator and owner of several television stations, said it was studying a buyout offer of $835 million from an investment group made up of Denver-based Tele-Communications Inc. and Heritage management. United Artists Communications Inc. and United Cable Television Corp. may also be included as members of the investor group ... Alcoa has completed its acquisition of Los Angeles-based TRE Corp. . . . EDM Equities, the managing general partner of Benequity Holdings, called a partial tender offer by Renouf Corp. “inadequate” and urged Benequity’s investors to reject it . . . Dallas-based Diamond Shamrock Corp. said it will appeal a judge’s refusal to halt a T. Boone Pickens Jr.-led investment group’s $300-million cash tender offer for 23% of the oil company’s stock . . . People Express Airlines and New York Air ceased to exist yesterday, when their operations were combined under the Continental Airlines name . . .Boeing Co. reported that the West German charter airline Lufttransport-Unternehmen K.G. ordered three Boeing 757 jetliners in deal worth more than $130 million.