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): August 21, 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))


                                       -1-
<PAGE>


Item 7.01. Regulation FD Disclosure

     During a conference  call and audio  webcast for  securities  analysts
held at 10:00 a.m. EDT on August 21,  2006,  Ashland  Inc.'s  ("Ashland's")
chairman and chief executive officer,  James J. O'Brien and its senior vice
president  and chief  financial  officer,  J. Marvin  Quin,  discussed  the
signing of a definitive  agreement  to sell the stock of  Ashland's  wholly
owned  subsidiary,  Ashland  Paving And  Construction,  Inc.  ("APAC"),  to
Oldcastle   Materials,    Inc.   and   Ashland's    management's   intended
recommendation  to its  Board  of  Directors  on use of  proceeds  from the
transaction.  A transcript  of this  webcast is attached  hereto as Exhibit
99.1 and  incorporated  herein by  reference.  An  archived  version of the
webcast will be available on Ashland's  website at  www.ashland.com  for 12
months.

     The information in this report,  being furnished pursuant to Item 7.01
of Form 8-K,  shall not be deemed to be "filed" for  purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise  subject  to  the  liabilities  of  that  Section,   and  is  not
incorporated  by reference in any filing under the  Securities Act of 1933,
as amended,  or the Exchange Act, except as expressly set forth by specific
reference in such filing.


Item 9.01. Financial Statements and Exhibits

   (d)   Exhibits

  99.1   Transcript of August 21, 2006, Webcast and Conference Call.



                                       -2-
<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)


August 21, 2006                  /s/ J. Marvin Quin
                                -------------------------------------------
                                 J. Marvin Quin
                                 Senior Vice President
                                 and Chief Financial Officer


                                       -3-

<PAGE>


                                  EXHIBIT INDEX

99.1   Transcript of August 21, 2006, Webcast and Conference Call.

                                       -4-
[{"type": "8-K", "sequence": "1", "filename": "form8k.txt", "description": "FORM 8-K", "secsgml_size_bytes": 4360}]
{"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": "061046749"}, "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): August 21, 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))

                                       -1-
Item 7.01. Regulation FD Disclosure

     During a conference  call and audio  webcast for  securities  analysts
held at 10:00 a.m. EDT on August 21,  2006,  Ashland  Inc.'s  ("Ashland's")
chairman and chief executive officer,  James J. O'Brien and its senior vice
president  and chief  financial  officer,  J. Marvin  Quin,  discussed  the
signing of a definitive  agreement  to sell the stock of  Ashland's  wholly
owned  subsidiary,  Ashland  Paving And  Construction,  Inc.  ("APAC"),  to
Oldcastle   Materials,    Inc.   and   Ashland's    management's   intended
recommendation  to its  Board  of  Directors  on use of  proceeds  from the
transaction.  A transcript  of this  webcast is attached  hereto as Exhibit
99.1 and  incorporated  herein by  reference.  An  archived  version of the
webcast will be available on Ashland's  website at  www.ashland.com  for 12
months.

     The information in this report,  being furnished pursuant to Item 7.01
of Form 8-K,  shall not be deemed to be "filed" for  purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise  subject  to  the  liabilities  of  that  Section,   and  is  not
incorporated  by reference in any filing under the  Securities Act of 1933,
as amended,  or the Exchange Act, except as expressly set forth by specific
reference in such filing.

Item 9.01. Financial Statements and Exhibits

   (d)   Exhibits

  99.1   Transcript of August 21, 2006, Webcast and Conference Call.

                                       -2-
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)

August 21, 2006                  /s/ J. Marvin Quin
                                -------------------------------------------
                                 J. Marvin Quin
                                 Senior Vice President
                                 and Chief Financial Officer

                                       -3-
EXHIBIT INDEX

99.1   Transcript of August 21, 2006, Webcast and Conference Call.

                                       -4-