STUTTGART, Germany: Auto behemoth DaimlerChrysler has accelerated its efforts to rebrand simply as Daimler after reaching an agreement with Ford over the change.

The rights to the Daimler marque are held by Ford-owned Jaguar, which still manufactures some Daimler-branded vehicles, and may continue to do so under the terms of the deal.

The German firm will now also be able to use the Daimler name as its trade and corporate moniker after paying what was termed a "financial consideration" to Ford when the Chrysler business in the US was sold to Cerberus.

The final decision on rebranding will be taken by Daimler's shareholders in Germany in October, though there are reports that some would prefer the company returned to its old name, Daimler-Benz.

Data sourced from Financial Times; additional content by WARC staff