Ashland Inc.’s Proposed Separation of Valvoline Business

On September 22, 2015, Ashland Inc. announced that its board of directors has approved proceeding with a plan to separate Ashland into two independent, publicly traded companies, Ashland and Valvoline. Cravath is representing Ashland in connection with this transaction. Ashland intends for the separation, which is subject to final board approval prior to completion, to be tax‑free for Ashland shareholders. Immediately following the separation, Ashland shareholders will own shares of both the new Ashland and Valvoline.

The Cravath team is led by partners Susan Webster and Thomas E. Dunn and includes associates C. Daniel Haaren and Christine H. Liu on M&A matters; partners Stephen L. Gordon and Lauren Angelilli and associates Antje Hagena and June Hwang on tax matters; partner Eric W. Hilfers and associate Matthew Cantor on executive compensation and benefits matters; and senior attorney Annmarie M. Terraciano on environmental matters.