September 22, 2015 -- Ashland Inc. today 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, Swaine & Moore LLP 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 being led by partners Susan Webster and Thomas E. Dunn and includes associates Daniel C. Haaran and Christine H. Liu (M&A); partners Stephen L. Gordon and Lauren Angelilli and associates Antje Hagena and June Hwang (tax); and partner Eric W. Hilfers and associate Matthew Cantor (executive compensation and benefits).