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Gabelli drops bid for National Fuel board seat

Investor Mario Gabelli is giving up his bid to win a seat on National Fuel Gas Co.'s board of directors.

Gabelli said he was dropping his plan to nominate a candidate to serve on the Amherst energy company's board of directors after National Fuel said it would not include Gabelli's nominee in its upcoming shareholder election.

National Fuel said Monday it was blocking Gabelli's nominee because the investor intended to change or influence control of the company, which runs contrary to its bylaws.

[Related: National Fuel blocks Gabelli bid for board seat]

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