If you cut the dust shield directly through one of the narrowest sections at the caliper bolt clearance cut-outs, you can twist the shield slightly to get it over the hub flange.

No need to bolt or weld this cut back together again - simply twist it back to make the cut flush and bolt it down - it's not going anywhere.

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Wayne
2005 BMW X5 3.0d (b 02/05)
2001 BMW F650GS Dakar (b 06/01)