Not unless you have a claim on any of the provinces, afaik.
I wonder actually why the white peace mechanism doesn't kick in, in some situations like this.
Generally, it is a misconception that in PON the gain of land is a gain of power. It is not. Quite the contrary actually.
From an economic perspective it is shooting your own foot in most cases. AI countries are important as both, producers and customers while occupying them gives you no net gain, not even victory points (only those few you get for killing their units).
There is no strategic value outside of colonies or objectives. There are a few exceptions to this, but very few.