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Hormel Foods Corp. said today that it would buy Skippy—second only to peanut butter rival Jif in the U.S. while standing No. 1 in China—from Unilever for around $700 million. Austin, Minn.-based Hormel cited a $2 billion peanut butter market with a 74 percent household penetration in the U.S. as the primary strengths of the purchase.