Could an HRE Spanish alliance drive the French out of Italy.

Basically the Hapsburgs don't get the Spanish kingdoms, but the two realms remain allied against France. Spain holds Naples and Sicily while the Hapsburgs restablish the tradtional HRE hold over northern Italy. Does this work out or can the French defeat them in detail?
 
No reason this alliance couldn't beat the French. Staying together would be a nightmare, though. And as soon as the Habsburgs start trying to reassert control over northern italy, the Italians will help the French right back in.
 
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