DaimlerChrysler AG is buying a 10-percent stake in South Korea’s Hyundai Motor Co. valued at $428 million, and will jointly bid to buy Daewoo Motor Co., according to the Detroit News. As part of their partnership, DaimlerChrysler and Hyundai are forming a joint venture to build and market up to 100,000 commercial vehicles a year in Korea. General Motors Corp., teaming up with Fiat SPA, and Ford Motor Co. also submitted initial separate bids for Daewoo, Korea’s No. 2 automaker. GM and Fiat proposed forming a new company that would own and operate Daewoo Motor’s Korean assets, including Ssangyong Motor Co., and a majority of Daewoo’s overseas plants. While the ownership makeup of the new holding company isn’t finalized, GM said it would be the majority shareholder, with Fiat holding up to 20 percent. The remaining stake would be made up of Daewoo’s creditors and other stakeholders. The GM-Fiat bid also proposed using Daewoo to create a Korean-based Asia-Pacific design, research, and development center. To ease the concerns of job losses among Daewoo’s unionized workers, the GM-Fiat bid includes unspecified “employment assurances.”