MUNICH -- Strategic suitors are expected to hand in binding bids for Hella on Wednesday that value the German automotive lighting group at about 7 billion euros ($8.2 billion), two people familiar with the matter said.

French car parts suppliers Faurecia and Cie Plastic Omnium, as well as German automotive supplier Mahle, are still in the race, one of the people said.

The bids, due on Wednesday, are expected to be based on the three-month average of Hella's share price, the people said, adding this amounted to about 60 euros. Hella shares closed at 67.2 euros on Tuesday.

Bloomberg on Monday reported that Hella could be valued at around 8 billion euros, or more than 70 euros per share, in a potential deal, causing Hella shares to shoot up 11 percent.

Hella's founding family, which is seeking a buyer for its 60 percent stake, is working with investment bank Rothschild on the transaction, the people said.

Under German takeover rules, buying a 60 percent stake in Hella would trigger a takeover bid for the remaining shares.

Spokespersons for Plastic Omnium, Mahle, Hella's founding family and Rothschild all declined to comment. Faurecia was not immediately available for comment.

Hella ranks No. 41 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $5.5 billion during its 2020 fiscal year.