CORRECTED - CORRECTED-BRIEF-Blue Square Israel to buy Alon Israel's stake in

Mon May 17, 2010 12:10pm EDT

(Corrects headline to say Blue Square will buy Alon Israel Oil Co's stake in Dor Alon, not Alon Israel Oil Co)

May 17 (Reuters) - Blue Square Israel Ltd (BSI.TA): * Blue Square Israel ltd. announces approval by its audit committee and board of directors of the acquisition by Blue Square of Alon Israel Oil co.'s about 80 percent shareholdings in Dor Alon Energy In Israel Ltd * Says audit committee and board approved the distribution of a dividend * Says it would acquire all of Alon's holdings in Dor Alon