Short answers, pulled from the story.
The purpose of German, Soviet Axis talks in 1940 was to negotiate Soviet entry as a fourth member of the Tripartite Pact. These negotiations aimed to direct Soviet focus southward toward the Indian Ocean and Persian Gulf while dividing Europe, Asia, and Africa among four powers.
Vyacheslav Molotov arrived at the Reich Chancellery at noon on the 12th of November 1940. His train stopped at 11:05 a.m., where he was greeted by Ribbentrop with flags and flowers while an orchestra played The Internationale in Germany for the first time since 1933.
German, Soviet Axis talks failed because Hitler viewed Stalin's territorial demands as a challenge to German interests. Germany never answered the counterproposal presented on the 25th of November 1940, which worsened relations between the countries.
The failure of German, Soviet Axis talks led directly to Operation Barbarossa, which began six months after preparations started. Germany ended the Molotov-Ribbentrop Pact by invading the Soviet Union on the 22nd of June 1941.
In February 1948, Joseph Stalin published Falsifiers of History claiming he was merely probing out Germany during Axis negotiations. He stated that he had outright rejected Hitler's proposal to share a division of the world.