SEPANG, Malaysia -- The Formula One team Marussia has confirmed it has held merger talks with rival Caterham in the latest sign of the financial struggles faced by the smaller teams on the grid.

Graeme Lowdon, Marussia president and sporting director, said Friday that "talks took place" but were not ongoing.

Caterham also confirmed the Christmas 2012 discussion, but spokesman Tom Webb said no deal was reached because "it was soon clear that a mutually beneficial solution could not be achieved," adding it had less to gain from the move, since it has several blue chip sponsors.

Marussia won no points in 2012 and continues to endure financial difficulties. It made headlines earlier this year when Timo Glock left in a cost-cutting move, replaced by a driver who could bring in sponsorship dollars.