SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER

                      PURSUANT TO RULE 13a-16 or 15d-16 OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                               For June 14th 2007

                         Commission File Number: 1-15154

                                   ALLIANZ SE

                               Koeniginstrasse 28
                                  80802 Munich
                                     Germany


Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.

                               Form 20-F X  Form 40-F
                                        ---          ---
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                                     Yes     No X
                                        ---    ---

If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE
REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-13462) OF ALLIANZ
AKTIENGESELLSCHAFT AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT
IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY
FILED OR FURNISHED.





                             FILING OF A SQUEEZE-OUT

                                OF THE SHARES OF

                                       AGF

                                   ADVISED BY

BNP PARIBAS                                                     JP MORGAN
                                       and

                           ALLIANZ HOLDING FRANCE SAS

                                  PRESENTED BY

           Goldman Sachs    International Rothschild & Cie     Banque Calyon


--------------------------------------------------------------------------------

                            TERMS OF THE SQUEEZE-OUT:


                     125.00 euros in cash for each AGF share

--------------------------------------------------------------------------------

The present document is an unofficial translation of the French press release
made by Allianz SE, Allianz Holding France SAS and Assurances Generales de
France S.A. and published in application of articles 231-16, 231-26 and 237-16
of the French stock market authority (Autorite des marches financiers) (the
"AMF"). This squeeze-out and the draft squeeze-out document are still subject to
review by the AMF.
--------------------------------------------------------------------------------

The draft squeeze-out document is available on the websites of Allianz
(www.allianz.com), Assurances Generales de France S.A. (www.agf.fr) and AMF
(www.amf-france.org) and may be obtained free of charge from:

     Allianz Holding France SAS              Assurances Generales de France SA
  12, rue Notre Dame des Victoires                  87, rue de Richelieu
             75002 Paris                                75002 Paris

     Goldman Sachs International      Rothschild & Cie Banque         Calyon
 c/o Goldman Sachs Paris Inc. et Cie   29, avenue de Messine       9, quai du
           2, rue de Thann                  75008 Paris           President Paul
             75017 Paris                                           Doumer 92920
                                                                Paris La Defense
                                                                      Cedex



1 PRESENTATION OF THE SQUEEZE-OUT PROCEDURE
--------------------------------------------------------------------------------

         The draft squeeze-out procedure follows the simplified mixed cash and
         exchange offer (the "Offer") launched jointly by Allianz SE, a societas
         europaea with a share capital of 1,149,758,353.92 euros, registered
         with the commercial register of the Munich local court (Amtsgericht)
         under HRB 164232, having its registered office at Koniginstrasse 28 -
         Munich 80802, Federal Republic of Germany ("Allianz") and Allianz
         Holding France SAS, a societe par actions simplifiee with a share
         capital of 37,000 euros, registered with the Companies Registry of
         Paris under the number 494 450 455, having its registered office at 12,
         rue Notre Dame des Victoires - 75002 Paris ("Allianz Holding France",
         Allianz and Allianz Holding France being hereafter together referred to
         as the "Co-Initiators"), for the shares of Assurances Generales de
         France S.A., a societe anonyme with a share capital of 883,277,919.13
         euros, registered with the Companies Registry of Paris under number 303
         265 128, having its registered office at 87 rue Richelieu - 75002
         Paris, ("AGF" or the "Company"), whose shares are traded inter alia on
         Eurolist (Compartiment A) of Euronext Paris S.A. ("Euronext Paris")
         under ISIN code FR0000125924.

         On March 20, 2007, the AMF declared the Offer compliant with applicable
         legal and regulatory provisions, and accordingly published a clearance
         decision constituting approval (visa) of the offer document relating to
         the Offer (Decisions et Informations n(degree) 207C0537 dated March 21,
         2007), pursuant to which Allianz and Allianz Holding France undertook
         to purchase the AGF shares in exchange for a sum in cash of 87.50 euros
         and 0.25 of a newly-issued Allianz share for each AGF share (subject to
         adjustment of the cash amount as described in the offer document).

         The Offer, the terms and conditions of which are described in the
         Allianz and Allianz Holding France offer document approved by the AMF
         under visa n(degree) 07-090 on March 20, 2007 and in AGF's reply
         document (note d'information en reponse) approved by the AMF under visa
         n(degree) 07091 on March 20, 2007, took place between March 23, 2007
         and April 20 2007 (inclusive) (Decisions et Informations n(degree)
         207C0544 dated March 22, 2007). In view of the payment of a dividend of
         3.80 euros per Allianz share approved by the Allianz shareholders
         general meeting for the financial year 2006, the amount in cash offered
         in the Offer has, in accordance with the terms and conditions of the
         Offer, been increased from 87.50 euros to 88.45 euros.

         By notice dated April 27, 2007, the AMF announced that a total of
         67,897,428 AGF shares had been tendered in the Offer (Decisions et
         Informations n(degree) 207C0746 dated April 27, 2007). Allianz and
         Allianz Holding France respectively acquired 25,933,278 and 41,964,150
         AGF shares in the Offer, Allianz having transferred to Allianz Holding
         France all of the 25,933,278 AGF shares that it had acquired in the
         Offer. The AMF stated that, in view of the AGF treasury shares
         representing 3.21% of the AGF share capital, the AGF shares not
         tendered in the offer by the minority shareholders represented 4.61% of
         AGF's share capital and voting rights.

         In view of the results of the Offer, and in accordance with the
         intentions expressed in their offer document in relation to the Offer,
         Allianz and Allianz Holding France have decided to implement a
         squeeze-out procedure of the AGF shares.


                                       2


2 SQUEEZE-OUT TERMS AND CONDITIONS
--------------------------------------------------------------------------------

         On June 13, 2007 Goldman Sachs International, Rothschild & Cie Banque
         and Calyon, as presenting banks for the squeeze-out, acting on behalf
         of Allianz and Allianz Holding France, filed with the AMF the draft
         squeeze-out document for the AGF shares. Calyon guarantees the content
         and the irrevocable nature of the undertakings given by Allianz and
         Allianz Holding France in connection with the squeeze-out of the AGF
         shares.

         This squeeze-out and the draft squeeze-out document remain subject to
         review by the AMF.



2.1      TERMS OF THE SQUEEZE-OUT

         The AGF shares which have not been tendered in the Offer will be
         transferred (whatever the country of residence of the shareholder), on
         the date to be determined by the AMF, to the Co-Initiators with
         compensation for the holders of the shares.

         Consequently, the AGF shares will be removed from Eurolist
         (Compartiment A) of Euronext Paris on the same date. The amount of
         compensation, i.e., 125.00 euros per AGF share net of all expenses,
         will be paid on that date by the Co-Initiators into a blocked account
         opened for such purposes with CACEIS Corporate Trust (affilie 23), 14
         rue Rouget de Lisle, 92862 Issy Les Moulineaux Cedex 9, which will
         centralise the compensation transactions.

         Following completion of the squeeze-out, Euroclear France will close
         the accounts of the affiliates and will provide them with a certificate
         indicating the balance (attestation de solde).

         CACEIS Corporate Trust, upon presentation of these certificates, will
         transfer to the financial intermediaries holding securities accounts
         (depositaires teneurs de comptes) the amounts of compensation due, and
         the latter will credit the accounts of the relevant former AGF
         shareholders.

         Unallocated funds for compensation of the securities will be kept by
         CACEIS Corporate Trust for ten years from the squeeze-out date and paid
         to Caisse des Depots et Consignations upon expiry of this period. These
         funds are at the disposal of legal beneficiaries, but go to the French
         State after thirty years.

         In accordance with article 237-7 of the AMF General Regulations, a
         notice will be published in a national newspaper each year throughout
         the entire period during which CACEIS Corporate Trust holds the funds
         inviting former AGF shareholders who have not been compensated to
         exercise their rights.

         If CACEIS Corporate Trust pays out all of the frozen funds
         corresponding to compensation payable, an appropriate announcement will
         be published in a national newspaper. Publication of the
         above-mentioned annual notice will then no longer be required.




2.2      SHARES TARGETED BY THE SQUEEZE-OUT

         The squeeze-out procedure relates to all of the AGF shares which are
         not held directly by the Co-Initiators or AGF (i.e. to the
         Co-Initiators' knowledge, 8,919,381 shares). The squeeze-out also
         relates to all of the shares that may be issued or delivered by AGF
         before the completion of the squeeze-out resulting from the exercise of
         stock options granted by AGF.

         AGF has not issued any securities giving access, immediately or in the
         future, to its share capital, with the exception of the options to
         subscribe for or purchase shares referred to below and of the options
         not referred to below (option plans 1999-2002).


                                       3


2.3      LIQUIDITY AGREEMENT


         Allianz proposed to the holders of options to subscribe for or purchase
         AGF shares granted in the 2003, 2004, 2005 and 2006 plans (the "Option
         Plans") a liquidity agreement under which, if the AGF shares are no
         longer listed or if the market for AGF shares is not sufficiently
         liquid ("Event of Liquidity Default"), the stock-options holders will
         have the right to sell to Allianz the AGF shares resulting from the
         exercise of their options for cash consideration equal to the Allianz
         average share price at the time the right to sell is exercised
         multiplied by the number of Allianz shares corresponding to the
         consideration offered in the Offer on the basis of the Allianz share
         price on January 16, 2007 (subject to adjustments in case of
         transactions impacting Allianz or AGF share capital or net equity).
         Under this agreement, Allianz also has the right to purchase, at the
         same price, the shares resulting from the exercise of the options for
         which the holder would not have used the right offered to him under the
         liquidity agreement to sell his shares to Allianz.

         Under the liquidity agreement, the option holders undertake in
         particular not to exercise their options prior to the expiration of a
         three-month period following publication of the Offer's results without
         the prior written consent of Allianz, not to transfer or sell the AGF
         shares resulting from the exercise of their options in case of an Event
         of Liquidity Default, and to register them under the nominative form
         with the person in charge of the Option Plans, which is empowered to
         proceed with the operations planned under the liquidity agreement.

         The liquidity mechanism shall apply for a period ending two years and
         three months after the latest of (i) the effective exercise of the
         options by the holder and (ii) the end of the applicable restricted
         period.

         The right for the beneficiaries to sell their AGF shares to Allianz
         will be subject to the condition that the beneficiary (i) has tendered
         to the Offer all the AGF shares he/she owned as a result of the
         exercise of options of the Option Plans at any time before the end of
         the acceptance period of the Offer and (ii) has tendered to the Offer
         or has sold on the market at the latest 4 trading days before the end
         of the acceptance period all the AGF shares he/she owned as a result of
         the exercise of options granted by AGF prior to the 2003 options.

         The option holders may enter into the liquidity agreement until June
         30, 2007.



2.4      INDICATIVE TIMETABLE FOR THE SQUEEZE-OUT



         June 13, 2007     Filing of the draft squeeze-out document
         June 26, 2007     Clearance decision (declaration de conformite)
         Mid-July 2007     Squeeze-out - Delisting of the AGF shares from
                            Eurolist of Euronext Paris


         The final timetable for the transaction will be decided by the AMF.

                                       4


3 VALUATION CRITERIA FOR THE SQUEEZE-OUT
--------------------------------------------------------------------------------

         In the context of the squeeze-out, Allianz has asked the presenting
         banks, Goldman Sachs International and Rothschild & Cie Banque to issue
         a valuation report, which has been submitted to the review of Ricol,
         Lasteyrie & Associes, appointed by AGF as independent expert. The
         report established by Ricol, Lasteyrie & Associes is presented in
         section 5 of the draft squeeze-out document.

         Terms of the squeeze-out

         The squeeze-out will be implemented on the basis of a price of 125.00
         euros in cash per AGF share. This consideration, together with the 2006
         AGF dividend of 4.25 euros (paid on May 10, 2007) implies a valuation
         of 129.25 euros for AGF share pre dividend payment.

3.1      METHODOLOGY

         The analysis of the financial terms of the squeeze-out has been made
         through a multi-criteria analysis ("analyse multicriteres") based on
         commonly used valuation methods.

         o    Selected valuation methodologies
              --------------------------------

         The selected methodologies aim at valuing AGF on a stand-alone basis.
         No synergy is expected from the transaction since AGF is already
         majority owned by Allianz and therefore is part of the group wide
         efficiency programs.

         The valuation analysis is based on objective valuation methods
         typically used for insurance companies: (i) comparable listed companies
         multiples, (ii) comparable transaction multiples, (iii) reference to
         intrinsic valuations calculated by financial analysts for AGF and (iv)
         sum-of-the-parts valuation which aggregates the valuations of each of
         the AGF business divisions and/or subsidiaries (see section 4.2.5 of
         the draft squeeze-out document for sum-of-the-parts valuation
         methodology). In addition, the squeeze-out price has been compared to
         the value of the consideration offered in the Offer filed with the AMF
         on February 22, 2007.



3.2      CONCLUSIONS ON AGF VALUATION

         The following table summarises valuation ranges derived from the
         various methodologies and the implied premia of the squeeze-out price
         of 125.00 euros (129.25 euros including the 2006 AGF dividend of 4.25
         euros per share):


                                                                            

Methodology                     Value per share including dividend (in (euro))  Premium / Discount of squeeze
                                                                                out price plus 2006 dividend
                                                                                      (129.25(euro))

Spot - closing price as of January 16, 2007             126.20                          2.4%
Weighted average price - 1 month(1)                     122.39                          5.6%
Weighted average price - 3 months(1)                    115.60                         11.8%
Weighted average price - 6 months(1)                    106.12                         21.8%
Weighted average price - 1 year(1)                      100.13                         29.1%

                                  Value per share excluding dividend (in (euro))   Premium / Discount of squeeze
                                                                                    out price (125.00(euro))
                                           Min               Max                     Min             Max
Comparable listed companies multiples       95               116                    7.8%            31.6%
Comparable transaction multiples           101               124                    0.8%            23.8%
Intrinsic valuation (financial analysts)    87               123                    1.6%            43.7%
Sum-of-the-parts (trading multiples)        85               107                   16.8%            47.1%
Sum-of-the-parts (dividend discount model) 101               114                    9.6%            23.8%


                                       5


         Note: 1  Source: Datastream as of January 16, 2007; volume-weighted
         average prices are calculated on the basis of volume-weighted intra-day
         share prices

         The squeeze-out price is at the top of the valuation range and implies
         premia of up to 47.1% on AGF's value based on the various valuation
         methodologies.



3.3      COMPARISON OF THE  SQUEEZE-OUT  PRICE WITH THE  THEORETICAL  OFFER
         VALUE AND AGF SHARE PRICE POST JANUARY 16TH

         The squeeze-out price has been compared to the average value of the AGF
         share price at different dates and time periods following the
         announcement of the transaction and to the theoretical Offer value at
         different dates on the basis of Allianz share price. The table below
         illustrates the premium implied by the squeeze-out price plus the 4.25
         euros dividend per share (129.25 euros), compared to theoretical values
         of the Offer at different dates and to different reference share prices
         for AGF.


                                                                                
Methodology                     Value per share including dividend (in (euro))  Premium / Discount of squeeze
                                                                                out price plus 2006 dividend
                                                                                        (129.25(euro))
Tender Offer equivalent value at
settlement date (May 3, 2007)               129.23                                       0.0%
Average Tender Offer equivalent
value during Offer                          127.13                                       1.7%
Tender Offer equivalent value at
announcement date (January 16, 2007)        126.43                                       2.2%
Average AGF share price during Offer        126.35                                       2.3%
Maximum AGF share price since Offer         128.51                                       0.6%
Minimum AGF share price since Offer         124.90                                       3.5%
Tender Offer equivalent value at
May 8, 2007                                 128.68                                       0.4%


         Note: May 8, 2007 corresponds to the last day before the announcement
         of the squeeze out procedure. Offer value of 128.68 euros  is cum
         Allianz dividend



         Squeeze out price of 125.00 euros and 2006 dividend of 4.25 euros
         compares favourably to Offer values and to AGF share price since
         January 16th.


4 INDEPENDENT EXPERT'S OPINION (article 261-1 II of the AMF General Regulations)
--------------------------------------------------------------------------------

         In accordance with article 261-1 II of the AMF General regulations,
         Ricol, Lasteyrie & Associes was appointed by the Company on May 9, 2007
         as independent expert in order to establish a report on the financial
         terms of the squeeze-out. The independent expert issued its report on
         June 11, 2007 in which he concludes that the indemnity offered in the
         squeeze-out is fair from a financial point of view for the AGF minority
         shareholders.


                                       6


5 REASONED OPINION OF THE AGF BOARD OF DIRECTORS
--------------------------------------------------------------------------------

       At the Board meeting held on June 12, 2007, the AGF directors unanimously
       approved the following opinion:



       "The board of directors of the AGF (the "Board") met on June 12, 2007
       under Mr. Jean-Philippe Thierry's presidency, in order to examine the
       terms of the contemplated squeeze-out procedure to be filed by Allianz SE
       ("Allianz") and Allianz Holding France S.A.S. ("Allianz Holding France",
       together with Allianz the "Co-Initiators") for the shares of AGF that are
       held as of today by minority shareholders (the "Squeeze-Out") and to
       issue a reasoned opinion on its merits, in accordance with the provisions
       of article 231-19 of the General Regulations of the French Autorite des
       Marches Financiers (the "AMF").

       It is reminded that following their simplified combined tender offer
       which closed on April 20, 2007, the Co-Initiators jointly held 92.18% of
       AGF's share capital and voting rights, being specified that AGF held
       6.199.392 of its own shares, representing 3.21% of its share capital. As
       a consequence, minority shareholders held 4.61% of the share capital of
       AGF.

       Mr. Ferrero was absent, but was nevertheless represented.

       The Chairman exposed to the Board the terms and conditions of the
       Squeeze-Out relating to all the shares of the Company not yet owned by
       the Co-Initiators or by AGF itself.

       He reminded directors that pursuant to the Squeeze-Out, minority
       shareholders will receive in cash (euro)125 per AGF share. Because of the
       distribution by AGF of a dividend amounting to (euro)4.25 per share for
       the year 2006, such cash consideration implies a valuation of (euro)129.5
       per AGF share.

       The Chairman reminded the Board that during the meeting held on March 9,
       2007, the Board reiterated its support to the project of industrial
       integration of AGF within the Allianz Group, which will allow AGF, its
       customers and its employees to fully benefit from the strength and means
       of the Allianz group, the first European embedded group of insurances and
       financial services. The implementation of the Squeeze-Out is the last
       preliminary step toward the effectiveness of such project.

       The Chairman requested BNP Paribas and JPMorgan, financial advisors of
       the Company, to provide the Board with their financial analysis.

       The financial advisors' works suggest that the cash consideration of
       (euro)125 per AGF share implies, after having taken into account the 2006
       AGF dividend of (euro)4.25 per share paid on May 10, 2007, a 22.5%
       premium on the 6-month average share price of the company determined as
       of January 17, 2007, and of 3.2% premium compared to the 6-month average
       share price determined as of June 5, 2007, a premium of 6.3% based on the
       average brokers' target prices, premia between 9.3% and 29.7% based on
       comparable company multiples, between 1% and 41.2% based on comparable
       transaction multiples, and between 5.4% and 16.3% on the intrinsic
       valuation of the company. The Squeeze-Out price is then at the top of the
       valuation range determined by the financial advisors of AGF and implies a
       premium of up to 41.2%. A comparison of the premium implied by the
       proposed cash consideration for the Squeeze-Out with the consideration of
       the simplified combined tender offer highlights an average premium of
       1.7% for the Squeeze-Out consideration against the offer consideration
       during the offer period, and a null premium on the date of settlement
       delivery of the offer.

                                       7


       At the Chairman's request, Messrs Gilles de Courcel and Philippe Marchand
       from Ricol Lasteyrie & Associes, appointed as independent expert by the
       Company pursuant to the provisions of article 261-1 of the General
       Regulations of the AMF, presented and delivered the independent expert's
       report to the Board, which includes a fairness opinion regarding the
       financial terms of the Squeeze-Out.

       The independent expert notes that:

       -the (euro)125 per share consideration implies a premium comprised
       between 1.4% and 13.3% respectively compared to the average maximum and
       minimum values detailed in his report;

       -such consideration is equal to the simplified combined offer
       consideration of the date of settlement delivery of the offer, which is a
       common market practice generally observed on all squeeze-out procedures
       implemented in France pursuant to tender offers since 2004;

       -the said consideration may be favorably compared to the various
       valuation criteria set forth in its report, especially with the intrinsic
       value obtained via the "sum of the parts" method.

       Consequently, the independent expert is led to consider that the
       (euro)125 per share consideration offered in the context of the
       Squeeze-Out is fair from a financial point of view for minority
       shareholders of AGF.

       The Chairman then reminded that the Comite des Conventions (the
       "Committee") has been invited to review the terms of the Squeeze-Out and
       to render an opinion to the Board in this respect before the latter gives
       its reasoned opinion. The independent directors of AGF who are not
       members of the Committee have been invited to attend such meeting in
       order for them to be in the position to express their opinion.

       Thus, he asked Mr. Cannac, Chairman of the agreements committee, to
       provide the Board with the opinion of such committee.

       The Committee has examined the terms of the Squeeze-Out, which it has
       confronted with an evaluation based on a multi-criteria analysis.

       After deliberation, and in the light of the above, the Committee
       considered that the terms of the squeeze-out were fair, and it
       unanimously decided to recommend that the Board of Directors decides in
       favor of the Offer.

       Based on the above and after further deliberations, the Board rendered
       the following opinion:

       The Board unanimously considered that the consideration of (euro)125 to
       be offered for each AGF share tendered to the Offer was fair, being
       reminded that minority shareholders of AGF received a dividend of
       (euro)4.25 per share for the year 2006.

       The Board finally authorized its Chairman to finalize and execute the
       draft squeeze-out document ("projet de note d'information") to be jointly
       filed by AGF and the Co-Initiators."

                                 --------------

                                       8



                                    CONTACTS



                                                                                        

Contacts for AGF investors :                                      Contacts press AGF :

Vincent Foucart         33 (0)1 44 86 29 28                       Berangere Auguste-Dormeuil   33 (0)1 44 86 78 97
                        vincent.foucart@agf.fr                                                 augusbe@agf.fr

Jean-Yves Icole         33 (0)1 44 86 44 19                       Anne-Sandrine Cimatti        33 (0)1 44 86 67 45
                        jean-yves.icole@agf.fr                                                 cimatti@agf.fr

Alexandre Cardinaud     33 (0)1 44 86 37 64                       Agnes Miclo                  33 (0)1 44 86 31 62
                        alexandre.cardinaud@agf.fr                                             micloa@agf.fr

                                                                  Sophie Cadorel               33 (0)1 44 86 38 09
                                                                                               cadores@agf.fr


                                       9


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                               ALLIANZ SE



                              By:    /s/ Dr. Reinhard Preusche
                                   ---------------------------------------------
                                   Dr. Reinhard Preusche
                                   Group Compliance



                              By:    /s/ Dr. Giovanni Salerno
                                   ---------------------------------------------
                                   Dr. Giovanni Salerno
                                   Group Compliance


Date:    June 14th 2007