Sub test()
testString = ActiveCell.Value
newString = ""
stat = False
For dl = 1 To Len(testString)
formatChar = ActiveCell.Characters(dl, 1).Font.Bold
valueChar = ActiveCell.Characters(dl, 1).Text
If formatChar = True And stat = False Then
newString = newString & "<b>"
stat = True
End If
If formatChar = False And stat = True Then
newString = newString & "</b>"
stat = False
End If
newString = newString & valueChar
Next
msgbox newString
End Sub