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Halliburton Faces Deadline Saturday in $28 Billion Baker Deal

Halliburton Co. and Baker Hughes Inc. have until the end of Saturday to obtain antitrust approval from regulators or either side can walk away from a deal matching the world’s No. 2 and No. 3 oil service firms.

If the $28 billion deal fails, Halliburton must pay Baker Hughes a $3.5 billion termination fee. Halliburton Co. sold $7.5 billion in notes in November, which built up its cash reserve to a record of more than $10...