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): March 30, 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 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  March  30,  2006,  Ashland  Inc.  announced  that it has  signed a
definitive  agreement to purchase the water  treatment  business of Degussa
AG,  branded  under  the  Stockhausen  name,  in a  transaction  valued  at
approximately   $144  million  (120  million  euros).   Five  manufacturing
facilities located in Germany,  China, Brazil, Russia and the United States
are included in the transaction.  The closing, which is anticipated to take
place in May  2006,  is  conditional  upon a  number  of  standard  closing
conditions, including regulatory review.

     The proposed  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 March 30, 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:  March 30, 2006                     /s/ J. Marvin Quin
                             ----------------------------------------------
                             Name:   J. Marvin Quin
                             Title:  Senior Vice President
                                     and Chief Financial Officer









                               EXHIBIT INDEX


99.1     Press release dated March 30, 2006