CORRECTED - EU fines firms $260 mln for chemicals price fixing

* 24 companies hit by fines over 'heat stabiliser' cartel

* Commission issues fines totalling 173 mln euros

* Swiss group Ciba fined total of 68 mln euros; to appeal

* Price-fixing began in 1987, continued until 2000 (Corrects description of Chemson company in paragraph 3 to Austrian, not Australian)

By Luke Baker

BRUSSELS, Nov 11 (Reuters) - The European Commission issued fines totalling 173 million euros ($260 million) to 24 companies on Wednesday for belonging to a cartel that fixed prices for heat stabilisers.

The biggest fine was issued to Swiss group Ciba (BASF.DE), which was told to pay a total of 68.4 million euros for coordinating the pricing of two kinds of heat stabiliser -- chemicals which are involved in making PVC and packaging products heat resistant and more rigid.

Dutch group Akzo (AKZO.AS) was fined a total of 40.6 million euros, France's Elf Aquitaine (TOTF.PA) was ordered to pay 28.6 million and British-U.S. group Elementis (ELM.L) 32.5 million. An Austrian firm, Chemson, was fined 3.8 million.

"The companies' elaborate precautions to cover their tracks did not prevent the Commission from revealing the full extent of their determined efforts to rip off their customers," EU Competition Commissioner Neelie Kroes said in a statement.