Option A would be best if you want to rank well in each market, as long as there is only one English version of the site and only one version of each language. That could be a problem if you wanted to do multiple sites in different Spanish-speaking markets.
Google does use both the ccTLD and the server's IP address to determine where a site is located and does give it a preference in that geographic version of Google. That is why Option B would not be the best choice.
A few years ago, Matt Cutts said that they do not treat translations as duplicate content, but I don't know for certain how they are handling this after Panda.
You can check rankings in different geographic versions of Google by going to google.fr for France, google.en for Spain, google.de for Germany, etc.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin