I noted the following posts
"Redline tech support recommends their D4 synthetic ATF as a replacement for the Shell 2634, without reservation. ...and the D4 is newer technology......"
"Redline DT-4 claims to be compatible with the 5HP30 Tranny. And Shell claims that Penzoil multi-vehicle ATF meets all the same standards as their LA2634. However, ZF only recognizes the Shell as being compatible with their Tranny."
"I have to say while the Redline D4 ATF offered some excellent shift characteristics (buttery smooth), there was one or two very hard shifts that spooked me into putting in Pennzoil Multi-Vehicle ATF (MVATF) instead. According to the Pennzoil reps, the MVATF is the exact same formulation as the Shell 2634, its just a marketing game. At any rate, I had 4,000 miles on the D4 ATF before switching to the MVATF and now have a total of 12,000 miles on an alternate fluid that has not caused me one problem. When you do change your fluid, make sure you get an OEM O-ring as the aftermarket filter kits supply a slightly thinner O-ring which causes the tranny oil pump to suck air past it causing the infamous "tranny whine." The Pennzoil MVATF is about $3 a quart at Kragen's. I used 8 quarts last time."
The Nov 2005 Roundel p. 124 Tech Talk "... I have been recommending Red Line oil since I started writing for magazines in 1988. Red Line Oil is a privately-held company that runs a teeny-tiny refinery in California - no small feat, I'm sure, due to all the grass-eaters out there. Red Line doesn't compete with Big Oil, it has no designs on becomming "factory fill," so there's no need to jump through API rating hoops, and it is not sold at Wal-Mart, so it can use the best stuff - and charge for it. You can bet that if Red Line is ever taken over by Big Oil, it will be for the purpose of shutting it down or dumbing down the product - a victim of its own success, kind of like Speedvision."
Here is an interesting thread regarding the use of Penzoil multi-vehicle ATF in 5hp30's from 18 months ago
Penzoil MVATF
Here is a pdf showing the Penzoil MVATF compatibility with Shell LA2634
Penzoil MVATF compatibility chart
Here's some information from a company in Australia named "Penrite"
Penrite ATF
I'm told these folks offer the Shell LA2634 at about half BMW's price
LA2634 supplier You may need to use the ZF part number 0671 090 149. This is for a 20 liter container which is good for two changes.