BHPWAB-Adj for BHP Schemes of Arrangement

Document date:  Thu 19 Oct 2000
Published:  Thu 19 Oct 2000 16:11:13
Document No:  168692
Document part:  A
Market Flag:  N
Classification:  Structured Products Issuer Report 

AUSTRALIA & NEW ZEALAND BANKING GROUP LI      2000-10-19  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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Australia and New Zealand Banking Group Limited will adjust its
BHPWAB Series of American Call Warrants over ordinary shares in The
Broken Hill Proprietary Company Limited (BHP), issued by it under the
Offering Circular dated 3 July 2000, to take account of the recently
announced schemes of arrangement involving BHP shares and OneSteel
Limited shares.

The adjustment will be made, consistently with the OCH adjustments,
in accordance with the following formula:

New Required Number of Warrants =  Old Required Number of Warrants 
                                 1 + (0.25* VWAP OneSteel) 
                                     (VWAP BHP ex-OneSteel) 
and

New Exercise Price =  Old Exercise Price *   New Required Number of
                                             Warrants Old Required 
                                             Number of Warrants 
Where:

VWAP OneSteel =        the volume weighted average price of shares in
                       OneSteel Limited traded on the ASX on 23 
                       October 2000 

VWAP BHP ex-Onesteel=  the volume weighted average, price of shares in
                       BHP traded on the ASX on 23 October 2000

The adjustment will take effect as of the close of the first Trading
Day of shares in OneSteel.

The new Required Number of Warrants and Exercise Price will be
announced following the calculation.

J Koepperkastrop
HEAD OF EQUITY DERIVATIVES