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): January 25, 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       41012-0391
          (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 2230.425)
[  ]     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  January  25,  2006,  Ashland  Inc.  announced  that  its  board of
directors  increased  the amount of the remaining  authorization  under the
share  repurchase  program by an additional $176 million.

     Originally  authorized in July 2005 in the amount of $270 million, the
stock  repurchase  program is designed to purchase shares from time to time
in the open market.  Through  December  31,  2005,  $196 million of Ashland
shares had been repurchased under the original  authorization at an average
price of $55.40 per share, with $74 million  authorization  remaining.  The
increased  authorization  brings  the total  amount of the  program to $250
million.

                                    -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)



Date:  January 25, 2006                  /s/ J. Marvin Quin
                               --------------------------------------------
                               Name:     J. Marvin Quin
                               Title:    Senior Vice President and
                                         Chief Financial Officer




                                    -3-
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{"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": "06550018"}, "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): January 25, 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       41012-0391
          (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 2230.425)
[  ]     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  January  25,  2006,  Ashland  Inc.  announced  that  its  board of
directors  increased  the amount of the remaining  authorization  under the
share  repurchase  program by an additional $176 million.

     Originally  authorized in July 2005 in the amount of $270 million, the
stock  repurchase  program is designed to purchase shares from time to time
in the open market.  Through  December  31,  2005,  $196 million of Ashland
shares had been repurchased under the original  authorization at an average
price of $55.40 per share, with $74 million  authorization  remaining.  The
increased  authorization  brings  the total  amount of the  program to $250
million.

                                    -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)

Date:  January 25, 2006                  /s/ J. Marvin Quin
                               --------------------------------------------
                               Name:     J. Marvin Quin
                               Title:    Senior Vice President and
                                         Chief Financial Officer

                                    -3-