Plausibility Check: Condeminium Spainish-(Blank Empire)

So, in a discussion in another thread about a 1891 Italo-American War I stumbled upon the idea of Italy "piggy-backing" off Spain's existing Empire as a way to start expanding the range of it's projected power to a range suitable for a proper Power and satisfy her need for prestige, diplomatic heft, and potential markets that could encourage industrial development with stepping on French or British toes. As it reminded me of a similar idea I brought up awhile back for Germany based on a successful Sigmurindian Candidacy with a more autocratic shift in the still nassicent Spainish government, and an interesting point I found awhile back about how the Phillipenes were one of Leopold II's first attempts to secure a personal colony, it seems there might be some real options here to explore the concept of a "Condeminium Empire".

In concept, this would be the idea that another nation decided to align with the regeime of the shakey Spainish Empire in the second half of the 19th century: helping Spain escape her relative diplomatic isolation and bolster her rule over the remnants of her Empire in exchange for the two co-ordinating their commercial and military-naval efforts and projects abroad to allow both to punch above their individual weights and carve out a respectably sized empire between them in which the other enjoys "most favored nation status" in the colonies of their partner. Would this be a viable arrangement with the either an Italian, Prussia/German, or Low Counteries state?
 
It's an interesting idea atleast, I know Moussolini had a vision of an Italian-Spanish union, or atleast close cooperation, as part of his new Roman empire.
 
It's an interesting idea atleast, I know Moussolini had a vision of an Italian-Spanish union, or atleast close cooperation, as part of his new Roman empire.

That's a little past the time frame I was looking for; the Race for Empire was kind of over by that point. An effective agreement would have to come pre-1900 to have much of an impact, hence the choice of this part of the site.
 
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