If you are using Excel 2007 + then you can have 32,767 characters per cell although Excel cannot display that many characters.
Assuming your data starts A1 and column B is available then the following will concatenate column A data, separated by a semi-colon, in cells B1:B??. Each cell will hold approx 32000 characters.
Right click your sheet tab >> View Code and paste the below into the code pane.
Code:
Sub con()
Application.ScreenUpdating = False
lr = Cells(Rows.Count, 1).End(xlUp).Row
Set Rng = Range("B1")
For r = 1 To lr
Rng.Value = Rng.Value & ";" & Range("A" & r).Value
If Len(Rng.Value) > 32000 Then Set Rng = Rng.Offset(1, 0)
Next r
End Sub
I processed 120000 rows in under 1 minute.
When done, select the range B1:B?? Copy and paste into a word document.
Hope that helps.