* To pay S$4.35 a share, 8.7 pct premium to July 1 close

  * Deal could lead to delisting from Singapore exchange-Hsu Fu Chi (Adds details)

  SINGAPORE, July 11 (Reuters) - Nestle , the world's largest food company, agreed to acquire 60 percent of Chinese candies and pastries group Hsu Fu Chi International for about S$2.1 billion ($1.7 billion), the Singapore-listed company said.

  " Nestle is proposing to acquire an aggregate interest of 60 percent in the company," Hsu Fu Chi said in a statement on Monday.

  The deal values the entire company at S$3.46 billion.

  Nestle has no intention to make major changes to the business or cut jobs, the statement said.

  The agreement could lead to a delisting of the company from the Singapore exchange, the statement said.

  Hsu Fu Chi, which is based in Dongguan in China's southern Guangdong province and makes Chinese snacks such as peanut candies, pop jellies and sachima rice snacks, is over 50 percent held by the Hsu family and about 16.5 percent held by Baring Private Equity.

  Nestle is acquiring 43.5 percent by way of a scheme of arrangement and 16.48 percent from individual shareholders at S$4.35 a share, about 8.7 percent more than its July 1 close of S$4.0 a share, the statement said.

  The company's shares have been suspended from trading since July 1.

  A scheme of arrangement requires court approval for an agreement between a company and shareholders.

  Analysts have said in the past it would make sense for Nestle to buy a company in an emerging market due to sluggish sales at home.

  Nestle has been sitting on a pile of cash since it sold its remaining stake in eyecare group Alcon. In April, it said it planned to take a 60 percent stake in China's Yinlu Foods Group for an undisclosed price. .

  Credit Suisse advised Nestle. The directors of the Singapore-listed company plan to appoint an independent financial adviser. ($1 = 1.221 Singapore Dollars) (Reporting by Saeed Azhar Editing by Vinu Pilakkott)