Negotiations were conducted, initialled but never signed. Technically, that doesn’t mean an agreement. There exists some debate over whether the British were truly invested in the more “aggressive” aspects of the 1898 agreement anyway.
I’ve read that document - to be fair, it forms a good chunk of my reference on this subject - and this part is relevant I think:
The epilogue to 1898 merely substantiates what the tangle of 1898-99 began to vaguely indicate. The duel for Empire might allow for understanding on small points, but fundamental differences were too large to make possible a unity of action. Nicholson correctly sums up the situation by saying “Anglo-German friendship remained, however, superficial. Beneath the sugar-coating of these amenities the old fear and rivalry had lost none of its bitterness.”