I tried using different formats like you, but whenever I mailmerge it they come out wrong like in the attached file. (this is what it shows on Gmail and outlook using your file)
The only way for it to not change its format is by grouping the text box and the image.
i'm still trying to find ways to fix it, but so far, the previous file works whenever i don't abuse the quantity of senders.
Thank you so much for your time
if i find another way i'll post it here too