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: July 2, 1997
Date of earliest event reported: July 1, 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
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Item 5. Other Events
On July 1, 1997, Ashland Inc. announced the completion of the sale of
Blazer Energy Corp., its domestic exploration and production subsidiary, to
Statoil, a Norwegian energy company. Statoil purchased the Blazer Energy
stock through its U.S. energy management subsidiary, The Eastern Group,
Inc. Terms of the transaction remained unchanged from terms earlier
announced, with the holdings valued at $566 million.
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)Exhibit
99 Press Release
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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 1, 1997 /s/ J. Marvin Quin
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Name: J. Marvin Quin
Title: Senior Vice President and
Chief Financial Officer
<PAGE>
Exhibit Index
Exhibit No.
99 Press Release of Ashland Inc.
dated July 1, 1997
FOR FURTHER INFORMATION:
Stan Lampe (Ashland)
(606) 329-4061
FOR IMMEDIATE RELEASE
July 1, 1997
Sale of Blazer Energy domestic
E & P holdings finalized
Ashland, Ky. - Ashland Inc. (NYSE: ASH) announced today the completion
of the sale of Blazer Energy Corporation, its domestic exploration and
production subsidiary. Statoil, a Norwegian energy company, has purchased
the Blazer Energy stock through its U.S. energy management subsidiary, The
Eastern Group, Inc.
Terms of the transaction remain unchanged, with the holdings valued at
$566 million.
"We are very pleased with this transaction," said Paul W. Chellgren,
chairman and chief executive officer, Ashland Inc. "First, Statoil is a
quality company. Secondly, this purchase has been closed with great speed.
Finally, the sale is very straight-forward, as it is a cash for stock deal
with our domestic exploration and production assets being sold to Statoil."
The potential stock sale was first announced on May 21, when Ashland
Inc. and Statoil jointly signed a definitive purchase and sale agreement,
subject to the approvals of Statoil's Supervisory Board and federal
government regulatory authorities.
Ashland Inc. is a large energy and chemical company engaged in
petroleum refining and marketing; coal, and highway construction. 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.
Ashiand's Internet address is http://www.ashland.com
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