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. Friday's statement came as a surprise as a deal by Porsche had been seen as imminent after fellow German automobile giant Audi announced that it will become an engine supplier in Formula One for the first time in the 2026 season.