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: May 21, 1997
Date of earliest event reported: May 21, 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 May 21, 1997, Ashland Inc. and the Norwegian energy company,
Statoil, announced the signing of a definitive purchase and sale agreement
for the outstanding stock of Blazer Energy Corp. (Blazer), a wholly owned
subsidiary of Ashland Inc. Blazer is engaged in the exploration for and the
development, production, acquisition and marketing of natural gas and oil.
Statoil's acquisition of Blazer will be made through its U.S. energy
management subsidiary, The Eastern Group, Inc.
The cash transaction, which includes substantially all of Ashland's
domestic oil and gas properties, but excludes international operations, is
valued at $566 million and is subject to approval by Statoil's Supervisory
Board and federal regulatory authorities. Closing of the transaction is
anticipated by July 1, 1997.
The foregoing summary of the attached press releases are qualified in
their entirety by the complete text of such documents, copies of which are
attached hereto.
Item 7. Financial Statements and Exhibits
(c)Exhibits
99 (a) Press Release
99 (b) 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: May 21, 1997 /s/ James G. Stephenson
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Name: James G. Stephenson
Title: Vice President - Law
Exhibit Index
Exhibit No.
99(a) Press Release of Ashland Inc.
dated May 21, 1997
99(b) Press Release of Ashland Inc. dated
May 21, 1997