Hormel's (HRL +5%) acquisition of Skippy Peanut Butter will put it in a pitched battle with J.M. Smucker's market-leading Jif brand with the odds stacked against it. Jif has maintained its dominance since 1981 and is still well-positioned with new low sodium and reduced fat products. Global growth could be part of Hormel's peanut butter plan. With the company positioning Spam as an upscale treat as ads in China call it a "juicy, meaty satisfaction" - the mind only wonders what the marketing mavens will call Jif on the global stage.