Porsche says talks with Red Bull to enter Formula One fail

Porsche said Friday its negotiations with Red Bull for a partnership that would allow the German luxury carmaker to enter Formula One have failed. "Both companies have jointly come to the conclusion that these talks will not continue," Porsche said in a statement. No details had been given about the deal but reports had suggested that it would involve Porsche buying a 50 percent stake in Red Bull's team and become engine suppliers.

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