Porsche are close to acquiring a 50% stake in Red Bull, as per media reports, with more details emerging on both companies’ plans to jointly compete in Formula 1.
The fact that Porsche and Red Bull were planning for a tie-up in F1 was probably one of the worst kept secrets in the F1 paddock, as part of Volkswagen Group’s plans to enter the sport.
There were even reports that an announcement regarding Red Bull and their future cooperation with Porsche would be announced over the weekend of the Austrian Grand Prix earlier in July.
However now, documents have surfaced in Morocco revealing that Porsche would be acquiring a 50% stake in Red Bull’s F1 operations, which will be the way in which the Stuttgart-based car maker enter F1.
However, the EU anti-competition law states that, as a standard practice for acquisitions and mergers, the intent must be passed through and accepted by an anti-competition commission within the EU as well as in 20 countries outside of it.
One of those countries is Morocco, where the law mandates that, once such an application is lodged and approved, it has to be made public.
The document shows that the concerned parties lodged their request back July 8, 2022, the approval being given on July 21, and in it Red Bull and Porsche are planning to have a joint venture with the “Economic Sector” involved being “the manufacture of a power unit (powertrain)”.
Both companies also applied for approval on an acquisition where Porsche buys a 50% stake in Red Bull, with the “Economic Sector” concerned being “The development and manufacture of a Formula 1 chassis”.
The document also stated that the “Period within which interested third parties are invited to make their observations known” would be 10 days from the date of its publication, which should be August 4, 2022.
Worth noting is that VW Group is also planning on getting involved in F1 with its other subsidiary Audi, who are reportedly in talks with Sauber Group regarding buying a stake in Alfa Romeo rumored to be at 75%.
Earlier this year, the VW board green-lighted Porsche and Audi’s entry into Formula 1.