For Italy an alliance with the other major Mediterranean power would have been very useful, avoiding the wasted recourses and efforts that confrontation and competition would have produced; it would have resulted in agreed spheres of influence in the Mediterranean and East Africa so were so loved in Imperial gentleman’s drinking clubs. That the Italian economy relied heavily on coal, imported British coal, and the Italian people were Anglophiles in the ‘20s and ‘30s are additional factors that would have made such an alliance a natural continuation of the Great War alliance had not Mussolini’s invasion of Abyssinia put an end to all efforts in that direction.
Such an alliance would only have been with French agreement, not otherwise.