Nestle (NESN.SIX) received regulatory approval to buy a 60% stake in Chinese candymaker Hsu Fu Chi International (HSFU.SGX), an indication that policymakers are not blocking foreign acquisitions of large domestic brands across the board, Reuters reported. In a bid to expand its presence in China, the Swiss food company offered US$1.7 billion in July for the purchase of Hsu Fu Chi. A spokesperson for Hsu Fu Chi said the company was now in the process of de-listing from the Singapore Stock Exchange and that the deal should close by December. The approved sale, which will be Nestle’s largest deal so far in China, could help the company achieve its target of generating 45% of sales from emerging markets within a decade. The deal also squashes rumors, prompted by Coca-Cola’s (KO.NYSE) failed US$2.4 billion bid for China Huiyuan Juice (1886.HK) in 2009, that Chinese regulators would bar foreign companies from buying all local brands.