UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                          Washington, D. C. 20549


                                  FORM 8-K

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934


      Date of report (Date of earliest event reported): May 31, 2006

                                ASHLAND INC.
           (Exact Name of Registrant as Specified in its Charter)

                                  Kentucky
               (State or Other Jurisdiction of Incorporation)

        1-32532                                             20-0865835
(Commission File Number)                                 (I.R.S. Employer
                                                        Identification No.)

50 E. RiverCenter Boulevard, Covington, Kentucky               41011
    (Address of Principal Executive Offices)                 (Zip Code)

P.O. Box 391, Covington,  Kentucky                           41012-0391
    (Mailing Address)                                        (Zip Code)

     Registrant's telephone number, including area code: (859) 815-3333

Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)
[ ]  Soliciting  material  pursuant to Rule  14a-12  under the Exchange Act
     (17 CFR 240.14a-12)
[ ]  Pre-commencement  communications  pursuant to Rule 14d-2(b)  under the
     Exchange Act (17 CFR 240.14d-2(b))
[ ]  Pre-commencement  communications  pursuant to Rule 13e-4(c)  under the
     Exchange Act (17 CFR 240.13e-4(c))



<PAGE>



Item 8.01.  Other Events

     On May 31, 2006,  Ashland Inc.  announced  that it has  completed  its
purchase of the water  treatment  business of Degussa AG, branded under the
Stockhausen name, in North America, South America,  western Europe and most
of the rest of the  world.  In the areas  where the  purchase  has not been
completed,  the  parties  have  undertaken  necessary  steps to ensure that
statutory  requirements are met for the expected regulatory approvals.  The
entire transaction is valued at approximately 122 million euros.

     The  transaction  is further  described in the attached press release,
which is attached hereto as Exhibit 99.1, and  incorporated  herein by this
reference.



<PAGE>


Item 9.01.  Financial Statements and Exhibits

    (d)     Exhibits

   99.1     Press release dated May 31, 2006



<PAGE>



                                   SIGNATURES



     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                                ASHLAND INC.
                                  -----------------------------------------
                                                (Registrant)




Date:  May 31, 2006                /s/ J. Marvin Quin
                                  -----------------------------------------
                                  Name:   J. Marvin Quin
                                  Title:  Senior Vice President
                                          and Chief Financial Officer





<PAGE>



                               EXHIBIT INDEX


99.1     Press release dated May 31, 2006
[{"type": "8-K", "sequence": "1", "filename": "form8k.txt", "description": "FORM 8-K", "secsgml_size_bytes": 3542}]
{"company-data": {"conformed-name": "ASHLAND INC.", "cik": "0001305014", "assigned-sic": "5160", "irs-number": "200865835", "state-of-incorporation": "KY", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32532", "film-number": "06876535"}, "business-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012", "phone": "859-815-3483"}, "mail-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012"}, "former-company": {"former-conformed-name": "New EXM Inc.", "date-changed": "20041004"}}
UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                          Washington, D. C. 20549

                                  FORM 8-K

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

      Date of report (Date of earliest event reported): May 31, 2006

                                ASHLAND INC.
           (Exact Name of Registrant as Specified in its Charter)

                                  Kentucky
               (State or Other Jurisdiction of Incorporation)

        1-32532                                             20-0865835
(Commission File Number)                                 (I.R.S. Employer
                                                        Identification No.)

50 E. RiverCenter Boulevard, Covington, Kentucky               41011
    (Address of Principal Executive Offices)                 (Zip Code)

P.O. Box 391, Covington,  Kentucky                           41012-0391
    (Mailing Address)                                        (Zip Code)

     Registrant's telephone number, including area code: (859) 815-3333

Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)
[ ]  Soliciting  material  pursuant to Rule  14a-12  under the Exchange Act
     (17 CFR 240.14a-12)
[ ]  Pre-commencement  communications  pursuant to Rule 14d-2(b)  under the
     Exchange Act (17 CFR 240.14d-2(b))
[ ]  Pre-commencement  communications  pursuant to Rule 13e-4(c)  under the
     Exchange Act (17 CFR 240.13e-4(c))
Item 8.01.  Other Events

     On May 31, 2006,  Ashland Inc.  announced  that it has  completed  its
purchase of the water  treatment  business of Degussa AG, branded under the
Stockhausen name, in North America, South America,  western Europe and most
of the rest of the  world.  In the areas  where the  purchase  has not been
completed,  the  parties  have  undertaken  necessary  steps to ensure that
statutory  requirements are met for the expected regulatory approvals.  The
entire transaction is valued at approximately 122 million euros.

     The  transaction  is further  described in the attached press release,
which is attached hereto as Exhibit 99.1, and  incorporated  herein by this
reference.
Item 9.01.  Financial Statements and Exhibits

    (d)     Exhibits

   99.1     Press release dated May 31, 2006
SIGNATURES

     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                                ASHLAND INC.
                                  -----------------------------------------
                                                (Registrant)

Date:  May 31, 2006                /s/ J. Marvin Quin
                                  -----------------------------------------
                                  Name:   J. Marvin Quin
                                  Title:  Senior Vice President
                                          and Chief Financial Officer
EXHIBIT INDEX

99.1     Press release dated May 31, 2006