structural:summarization, information:extraction
Conclusion of peace

In the general settlement, Philip V retained Spain and its colonies, while Austria received the Spanish Netherlands and divided Spanish Italy with Savoy. Britain kept Gibraltar and Menorca. Louis agreed to withdraw his support for James Stuart, son of James II and pretender to the thrones of Great Britain and Ireland, and ceded Newfoundland, Rupert's Land, and Acadia in the Americas to Anne. Britain gained the most from the treaty, but the final terms were much more favourable to France than those being discussed in peace negotiations in 1709 and 1710. France retained Île-Saint-Jean and Île Royale, and Louis acquired a few minor European territories, such as the Principality of Orange and the Ubaye Valley, which covered transalpine passes into Italy. Thanks to Louis, his allies the Electors of Bavaria and Cologne were restored to their prewar status and returned their lands.