April 17 (Reuters) - Telecom Italia on Wednesday denied activist investor Bluebell Capital's allegations about "hidden pacts" between the company and shareholders on the outgoing board's slate to the country's watchdog, and said it will take appropriate initiatives and steps to protect share prices.

"The Board's slate preparation and related interlocutions with shareholders or associations representing them were duly documented, and ample and timely information was provided to the market", the statement said. (Reporting by Urvi Dugar in Bengaluru Editing by Chris Reese)