ARCELOR has recommended that its shareholders reject the takeover bid by Indian company MITTAL that would jeopardise many jobs in Europe (see EUROPE 9120). MITTAL's hostile bid values ARCELOR at EUR 18.6 bn, or EUR 28.21 a share. The deal would create a global steel giant, producing 113.7 mil tonnes of steel a year, with a workforce of 320,000 and an annual turnover of EUR 57 bn.