Hi Flemming, country specific

Hi Flemming, country specific domain names plus geo-targeting in Google webmaster tools can usually be a great to target a specific country.  Keep in mind if you geo-target a country then you may miss out on traffic from other parts of the world.

As long as your pages are semantically equivalent I don't see a reason to use separate, country specific domains, I'd go with the subdirectory option.  You can still geo-target subdirectories (although geo-targeting may or may not be what your'e after) and inbounds links to one part of the site will benefit other parts, so long as your internal linking is done well.

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