UPDATE 2-ABB, Toshiba, Areva fined over transformer cartel

* ABB fined 33.8 mln euros; Toshiba fined 13.2 mln euros

* Areva, Alstom jointly fined 16.5 mln euros

* Whistleblower Siemens has fine waived

* Toshiba to appeal; ABB to review EU decision

By Bate Felix (Adds ABB comments, details, background and shares)

BRUSSELS, Oct 7 (Reuters) - Six companies including Swiss engineering group ABB and Japan's Toshiba Corp were fined a total of 67.6 million euros ($99.4 million) by the European Commission on Wednesday for taking part in a cartel.

ABB (ABBN.VX) received the highest individual fine of 33.8 million euros and Toshiba (6502.T) was hit for 13.2 million euros for agreeing not to compete in the power transformer market in Europe and Japan.

The European Union's antitrust watchdog waived a fine of 33.6 million euros against Germany's Siemens (SIEGn.DE) because it blew the whistle on the cartel.

The fine for ABB was increased by 50 percent because it had previously taken part in a similar infringement, the Commission said.

A Toshiba spokesman said the Japanese company would appeal against the ruling, describing it as unfounded.

"We believe there was no infringement. We regret the EU did not accept our position," the spokesman said.

ABB said in a statement that it would carefully review the Commission's decision and consider its options.

"In connection with its third-quarter reporting process, ABB will assess what impact this decision and any other recent developments will have on those provisions and on its financial results for the quarter," the Swiss company said.

The firm announced in December last year that it had booked provisions relating to this decision and other compliance, tax, and restructuring matters.

"RIP-OFF"

Power transformers are used to modify the voltage in electricity transmission networks.

The EU executive said that from June 1999 to May 2003, the companies operated a cartel whereby they agreed to share the market between themselves, meeting one to two times per year in Asia and Europe to reaffirm their agreement.

"The Commission has now put an end to this rip-off by the self-appointed 'gentlemen'," European Union Competition Commissioner Neelie Kroes said in a statement.

"The Commission will not hesitate to increase fines for repeat offenders until they have learned the lesson that cartels do not pay," Kroes said.

The Commission imposed a joint total fine of 16.5 million euros on French firms Areva CEPFi.PA and Alstom (ALSO.PA). It fined Japan's Hitachi Ltd (6501.T) 2.4 million euros and Fuji Electric (6504.T) 1.7 million for their roles.

Shares in ABB were down 1.45 percent at 1329 GMT and Alstom was down 1.21 percent, underperforming the DJ Industrial and Services index .SXNP, which was 0.36 percent lower.

Siemens said that since 2007, when allegations about the cartel were made, it had taken measures to prevent any such problems in the future.

"Siemens immediately launched its own investigations and suspended the employees at Siemens' former Power Transmission and Distribution Group and an Austrian subsidiary who had been involved in the violations," it said in a statement.

For a factbox on EU cartel fines, click on [ID:nL7320506] (Additional reporting Foo Yun Chee and Katie Reid in Zurich; Editing by Dale Hudson and David Cowell)