They ended mutual hatred.
Rivalry persisted to 1914 but the more Germany grew, the more the rivalry got friendly.
France had a large colonial empire and the British were somewhat threatened by it, while Germany had a sausage factory in Tanganyika. I think they saw Germany capable of taking on the Royal navy more than France and Germany being capable of forcing France to cede colonial territory to further threaten Britain.
I may contradict myself here but I hope you got the idea.
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