The document confirming Porsche’s intention to buy half of Red Bull’s shares makes it clear what the future of both brands will be in Formula 1. However, the Anglo-Austrian team denies that said intention is definitively closed.
Red Bull Racing has denied the conclusion of any agreement with porsche in the face of a future association between both brands in Formula 1. But the truth is that said refusal is nothing more than a preventive movement in the face of an official announcement during the next month of August.
And it is that, on Wednesday afternoon, it came to light an official document of the Moroccan Competition Council in which the communication of the agreement to the purchase by Porsche of 50% of the shares of Red Bull GMBH and Red Bull Technologycompanies that manage and develop the team and its Formula 1 cars.
This is because antitrust law requires both companies to communicate said agreement in 20 countries outside the European Union. And the laws of Morocco oblige the Competition Council to make its decisions public, in this case the approval of said operation.
The engine regulations for 2026
The only stumbling block that prevents both Red Bull and Porsche from making the agreement official is that the new engine regulations for 2026, at which time the German brand will officially enter Formula 1, has not yet been approved.
The initial intention was to approve it a few weeks ago and officially communicate the entry of Porsche in the Austrian Grand Prix, but in the end it did not happen. Porsche refuses to formalize its entry into Formula 1 Until a regulation is officially approved that will promote the simplification of power units and a greater commitment to hybrid technology.
When the engine regulations are definitively approved, Porsche and Red Bull will make this agreement official, which will include engine manufacturing at Red Bull Powertrains facilities premiered this year after the departure of the Austrian team’s former engine supplier, Honda, from the category.
Talking about Audithe other brand of the Volkswagen Group that will enter Formula 1, are still being produced negotiations with Sauber, company that currently manages the Alfa Romeo team. If successful, Audi will acquire 75% of the Swiss corporation.
Official statement from the Moroccan Competition Council
NON-CONFIDENTIAL SUMMARY OF THE TRANSACTION PROVIDED BY THE PARTIES
On July 8, 2022, the Competition Council received notification of a concentration operation relating to two operations that the notifying party considers interdependent, consisting of (i) creating a joint venture by (a) Dr. ING. HCFPORSCHE AKTIENGESLLSCHAFT, a company under German law that is a 100% indirect subsidiary of the German company VOLKSWAGEN AKTIENGESELLSCHAFT; and by (b) RED BULL GMBH, a company incorporated under Austrian law, belonging to the RED BULL group.
And at the same time (ii) the acquisition of Dr. ING. HCF PORSCHE AKTIENGESLLSCHAFT of joint control through the acquisition of 50% of the shares of RED BULL TECHNOLOGY LTDa wholly owned UK subsidiary service company of RED BULL GMBH.
The Joint Venture constituted by Dr. ING. HCF PORSCHE AKTIENGESLLSCHAFT and by RED BULL GMBH will develop and manufacture a power unit for RED BULL TECHNOLOGY LTD. Also RED BULL TECHNOLOGY LTD will develop and manufacture chassis for one of the two RED BULL Formula 1 teams, active in Formula 1 motor racing which it operates through its subsidiary.
Done in Rabat on July 21, 2022.
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