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): July 21, 2005

                                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 July 21, 2005, Ashland Inc. (the "Company")  announced that the
Company's  board of  directors  has  authorized  the purchase of up to $270
million of its common  shares.  The  repurchase of shares will be made from
time to time in the open market in compliance  with  contractual,  Internal
Revenue Service and other applicable restrictions.




<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:  July 21, 2005                      /s/ David L. Hausrath
                                --------------------------------------------
                                Name:     David L. Hausrath
                                Title:    Senior Vice President,
                                          General Counsel and Secretary
[{"type": "8-K", "sequence": "1", "filename": "form8k.txt", "description": "FORM 8-K", "secsgml_size_bytes": 2973}]
{"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": "05965066"}, "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"}}
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): July 21, 2005

                                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 July 21, 2005, Ashland Inc. (the "Company")  announced that the
Company's  board of  directors  has  authorized  the purchase of up to $270
million of its common  shares.  The  repurchase of shares will be made from
time to time in the open market in compliance  with  contractual,  Internal
Revenue Service and other applicable restrictions.
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:  July 21, 2005                      /s/ David L. Hausrath
                                --------------------------------------------
                                Name:     David L. Hausrath
                                Title:    Senior Vice President,
                                          General Counsel and Secretary