March 7 (Reuters) - Warner Music Group ( WMG ) said it

planned to make a bid of at least 17 euros ($18.52) per share

for Believe, valuing the French digital music company

at 1.65 billion euros and topping an earlier takeover offer from

a consortium.

The U.S. music label's planned bid tops the 15 euros per

share offer from a consortium made up of Believe's largest

shareholders that valued the company at around 1.52 billion

euros. The consortium's offer was also backed by the company's

board of directors.

Believe's shares rose about 6% to hit a more than two-year

high after Warner's offer on Thursday.

Warner's proposed offer represents a premium of 9.5% over

Believe's last closing price of 15.52 euros on March 6.

Warner Music ( WMG ) said that it was awaiting some due diligence

information before submitting a formal proposal to acquire the

French digital music company.

($1 = 0.9179 euros)