What background is this song based on?
This line in the song is a reference to The Battle of Waterloo which took place in 1815, near Waterloo in Belgium. A French army under the command of Napoleon Bonaparte was defeated by two of the armies of the Seventh Coalition: A British-led coalition consisting of units from the United Kingdom, the Netherlands, Hanover, Brunswick and Nassau. The battle marked the end of the Napoleonic Wars. So while the song says that Napoleon "surrendered" he was in fact, defeated.
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