try something like:

ActiveWorkbook.ChangeLink Name:= _
"C:\data\book1.xls", NewName:= _
"C:\Data\book2.xls", Type:=xlExcelLinks


this is the equivalent of editlinkschange source

the edit replace approach you are currently doing may well work - I
have found it better to replace '=' with 'xx' first to convert to text,
then put it back to a formula after.

I prefer the .changelink approach though - you will need the full path
(workbook.FullName)

cheers
Simon


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