Sunday, February 19 2006 11:01 Hrs (IST) - World Time -

New Delhi: Be open minded, this is an era of globalisation, is Britain's piece of advice to its European partners opposing UK-based steel tycoon L N Mittal's Arcelor takeover bid.

Putting his point forward, British High Commissioner Sir Michael Arthur said they can draw a leaf from British experience with globalisation.

"We as a Govt in the last 20 years have not resisted overseas hostile takeover bids. In 1970s, our car industry died. But it has now been completely revived on the back of modern technology and investment from Japanese carmakers such as Honda. We as a govt are quite pride of it. Britain now produces more cars than France. Last year we produced 1.6 million cars.

"That's the difference of vitality between Britain and those who are opposing Mittal Steel's bid," he told sources.

Sir Michael said the only thing to be seen was if Mittal was a globally competitive steel maker.

Asked about Luxembourg's plans to bring a legislation which was aiming at thwarting the bid, Sir Michael said, "Things are there very small. As a Government they have part shares in the company and since they are a shareholder they are worried about employment."