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Ashland Spinning Off Valvoline

The former Jana Partners target Ashland [see notes from June on Ashland being its own activist] is planning to spin off its engine lubricants, Valvoline. This business generates about 35% of Ashland's company-wide revenues. 

Jana blew out of its Ashland stake in 2Q15 after getting the company to sell off its water tech business. This is all part of the year-long plan to streamline the business to its core specialty chemicals business. 

The spinoff will be into a new publicly traded company and be done tax-free. The time frame is 12+ months. 

Ashland was a rare win for Jana, with the stock up 58% during its ownership - annaulized 24.8%

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BWIAshland, Jana Partners