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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: January 30, 1997
Date of earliest event reported: January 30, 1997
ASHLAND INC.
(Exact name of registrant as specified in its charter)
Kentucky
(State or other jurisdiction of incorporation)
1-2918 61--0122250
(Commission File Number) (I.R.S. Employer
Identification No.)
1000 Ashland Drive, Russell, Kentucky 41169
(Address of principal executive offices) (Zip Code)
P.O. Box 391, Ashland, Kentucky 41114
(Mailing Address) (Zip Code)
Registrant's telephone number, including area code (606) 329-3333
Item 5. Other Events
On January 30, 1997, the Board of Directors of Ashland Inc. announced
that Ashland will proceed toward an initial public offering of less than 20
percent of Ashland Exploration, Inc., a wholly-owned subsidiary, subject to
certain contingencies. This transaction would likely occur in the late
spring or summer. The initial public offering would likely be followed by
the tax-free spin off of Ashland's remaining ownership in Ashland
Exploration to Ashland Inc. shareholders once an appropriate ruling is
received from the Internal Revenue Service.
The foregoing summary of the attached press release is qualified in
its entirety by the complete text of such document, a copy of which is
attached hereto.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Press Release
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 30, 1997 /s/ James G. Stephenson
-----------------------------------
Name: James G. Stephenson
Title: Vice President - Law
Exhibit Index
Exhibit No. Page No.
99 Press Release of Ashland Inc. 5
dated January 30, 1997
FOR FURTHER INFORMATION:
Stan Lampe
606-329-4061
FOR IMMEDIATE RELEASE
January 30, 1997
Ashland Inc. board approves initial public
offering/spin-off for Ashland Exploration
Ashland, Ky. -- Ashland Inc. (NYSE: ASH) will proceed toward an
initial public offering for Ashland Exploration Inc., a wholly-owned
subsidiary, according to Paul W. Chellgren, chairman and chief executive
officer.
The Ashland Inc. Board of Directors approved, subject to certain
contingencies, the initital public offering of less than 20 percent of
Ashland Exploration. This transaction would likely occur in the late spring
or summer. The initial public offering would likely be followed by the
tax-free spin-off of Ashland's remaining ownership in Ashland Exploration
to Ashland Inc. shareholders once an appropriate ruling is received from
the Internal Revenue Service.
"Ashland Exploration is well positioned to grow its core operations in
the Appalachian Basin, the Gulf of Mexico and Nigeria. Total proved
reserves at September 30, 1996, were 577 BCF of natural gas and 21.5
million barrels of crude oil," Chellgren said. "We hope to complete both
transactions before the end of the 1997 calendar year, subject to
governmental and regulatory approvals, tax rulings, market conditions and
definitive agreements among various parties."
Ashland Exploration is a domestic and international producer of
natural gas and crude oil. The division is currently engaged in the
exploration for and production of crude oil and natural gas in the United
States and in the exploration for and production of crude oil in Nigeria.
Ashland Inc. is a large energy and chemical company engaged in
petroleum refining and marketing; coal; highway construction; and oil and
gas exploration and production. Ashland Chemical is the largest distributor
of chemicals and plastics in North America and a leading supplier of
specialty chemicals worldwide. Ashland's major consumer brands include
Valvoline(R) motor oils, Zerex(R) antifreeze and Pyroil(R) Performance
Products automotive chemicals. As one of the largest independent refiners
in the nation, Ashland is also a leading regional gasoline marketer, with
products marketed under the SuperAmerica(R) and Ashland(R) brand names.
Ashland Inc.'s internet address is http://www.ashland.com
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