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In the War of Austrian Succession, the Hapsburgs lost control of Silesia to Prussia, the Duchy of Parma and some counties in Italy to Spain.

If they occupied much of France and kept control over Austrian Netherlands and Italy, there would be no need to give territorial concessions and they could hold on to much of their lands.

Conversely, suppose the war goes well for Austria when the Prussians were not involved, but try to peace out Spain early. Suppose they suggest giving Parma to a 2nd cousin of Maria Theresa who also happens to be an Austrian count. Spain has no say in the count's marriage.

Spain's goals were to take Italian territory and weaken Austria. Obviously, such a suggestion does not fit the former goal, but does it fit the latter? Would it be viewed as bad as a personal union from the perspective of Spain, or would it be deemed a bit more acceptable than the Austrian Hapsburgs maintaining direct control?
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