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): December 29, 2004


                                  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.)


   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 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))





Item 8.01.  Other Events

     Ashland  Inc.  ("Ashland")  announced  today  that  Ashland  Composite
Polymers,  a business group of Ashland  Specialty  Chemical,  a division of
Ashland,  has  completed  its purchase of the  DERAKANE*  epoxy vinyl ester
resin business  (which includes the DERAKANE  MOMENTUM*  product line) from
The Dow Chemical Company in a cash transaction  valued at approximately $90
million.  Details of the  transaction  are included in the  attached  press
release, which is attached hereto as Exhibit 99.1.

    
* Trademark of The Dow Chemical Company

Item 9.01.  Financial Statements and Exhibits

(c)      Exhibits

99.1     Press Release dated December 29, 2004







                                 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:  December 29, 2004                  /s/ J. Marvin Quin                
                                --------------------------------------------
                                Name:     J. Marvin Quin
                                Title:    Senior Vice President and
                                          Chief Financial Officer






                               EXHIBIT INDEX

99.1     Press Release dated December 29, 2004