A quick scenario:
Before a peace settlement is reached Hitler orders the destruction of the BEF at Dunkirk. Now the moral of Britain is shattered, a Vichy Regime is set up in France and now Britain is without allies. So Prime Minister Lord Halifax sets up a meeting with Hitler.
Halifax is forced to allow Hitler to annex Luxembourg and to set up puppet governments in the Netherlands and Belgium. Halifax is also forced to recognize Hitlers invasion and occupation of Poland. Also Hitler annexes Alsace-Lorraine from Vichy France. There is also a non-aggression pact made with Britain, this is obviously to keep Britain out of any affairs that occur on the continent.
Hitler is forced to allow Denmark and Norway to have their independence (which Hitler is alright with as he believes that they can be trusted due to them being 'truly Aryan') - Although Hitler does annex the previous territory of the Duchy of Schleswig, which the German Empire controlled prior to 1918.
Hitler also cedes back Northern France to the Vichy government in the south. Again Hitler is okay with this as the Vichy government is pro-Axis and it frees up Axis troops.
Italy is allowed to keep its occupied French area, and also allowed to keep Corsica.
In Africa Britain is forced to cede British Somaliland to Italy, though it keeps its other colonies due to Italy not having done much in the war and Hitler not wanting to regain any colonies, as he views the 'Greater German Reich' to be more important in Europe at the moment. French Somaliland is ceded to Italy as well, along with French Tunisia.
Also French Morocco is ceded to Spain in order for Franco to sign the Tripartite Pact made later in the year, while Madagascar and its surrounding French held islands are ceded to the 'Estado Novo' in order for them to also sign the Pact.
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Does this sound viable? Or is it purely ASB?