They both share Infante Felipe, duke of Parma and his wife Louise-Elisabeth of France as ancestors as MT descents from their son and his sister Maria Luisa of Spain married her cousin Carlos IV.
There are no doubt other lines including those through Maria Theresia of Austria and Francis Stephen of Lorraine, the Two Sicilies branch of the Bourbons and possibly the Orleans as well.
She is however best know as the daughter, sister and aunt of Carlist claimants for the Spanish throne. Together with her brother and sister-in-law she altered the ultra conservative course of the Carlists to a leftist cause. They failed and her brother did not become King of Spain and their party failed to win a seat in the Cortes. It was the beginning of the end of the marriage of her brother and his wife and of Carlism as a serious movement in Spain.
Her brother later visited King Juan Carlos and brought his daughter Maria Carolina sparking speculation of a potential match between Felipe and Maria Carolina. I believe she would have been a great Queen of Spain but it seems they either did not meet at all at the event or simply did not like each other in that way needed for a solid marriage. Both ended up falling in love with and marrying commoners. The princess however picked one from a very wealthy family.
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