Actually, no. I seem to remember that PageMaker 7 could place PDF files as graphics but only older PDF formats, not those in use mostly today.
Whoops. Read that backwards.
You could save a PDF as a Word file and then place that...maybe. Not sure PM would even be able to read the file created by Acrobat.
Is there any free software which will convert pdf files to pagemaker format.
In short, no.
Your best option is as stated - PM will import as an image early versions of PDF, up to1.4, I think.