In 1981, cash rich and wanting to diversify, Seagram Company Ltd. engineered a takeover of Conoco. Although Seagram acquired a 32.2% stake in Conoco, DuPont was brought in as a white knight by the oil company and entered the bidding war. Mobil Corporation, the nation's second-largest oil company at the time, also joined the bid, and borrowed $5 billion to bid for Cocono. In the end, Seagram and Mobil lost out in the Conoco bidding war. In exchange for its stake in Conoco Inc, Seagram became a 24.3% owner of DuPont. By 1995, Seagram was DuPont's largest single shareholder with four seats on the board of directors.