Decorative paints and chemicals firm ordered to pay out following an investigation by the European Commission.
The fine of up to €40.6m was imposed following an investigation into price fixing of plastic additives involving Akzo's former tin stabilizers and Esbo/Esters businesses. Both businesses were divested in 2007.
The Dutch company, which also owns the Dulux and Hammerite brands, cooperated fully with the investigation but said that it will now "analyse the merits of the decision". It has two months with which to lodge an appeal.
The European Commission jointly fined Akzo, Swiss chemical firm Ciba, French petrol firm Elf Aquitaine and seven other companies, €173m. The Commission claimed that the companies had fixed prices, shared customers, carved up markets and exchanged commercial information from 1987 to 2000 for plastic additives tin stabilisers and esbo/esters, which are used in packaging, bottles and other plastic products.
Akzo Nobel stressed that it has a "strict zero tolerance policy" throughout the company for any anti-competitive behaviour.