It is strange that the Mac mailmerge converter won't see the characters if they're the result of a formula. That said, since the characters seem to be recognised when they're not the result of a formula, a workaround might be to copy the data and paste it on another sheet using Paste Special>Values to delete the formulae, then use that sheet for the merge.
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Cheers,
Paul Edstein
[Fmr MS MVP - Word]
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