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I agree with xbase, that if the language is different, you ought to be OK. If the content is the same, just with different branding, then you risk getting the same content listed twice.
In my opinion, Google is pretty good at handling duplicate or near duplicate content, but personally I'd try to avoid dupes.
If your site has much complexity at all, the latency can really add up. But if there are only one or two pieces to each page, then stick with the one server