It is shown theoretically that a giant magnetoelectric susceptibility exceeding 10^-6 s/m may be achieved in the ferromagnetic/ferroelectric epitaxial systems via the magnetization rotation induced by an electric field applied to the substrate. The predicted magnetoelectric anomaly results from the strain-driven spin-reorientation transitions in ferromagnetic films, which take place at experimentally accessible misfit strains in CoFe2O4 and Ni films.
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