You can select any file to hyperlink to in the Insert Hyperlink dialog. To
link to a particular bookmark in a Word document, don't click on the Bookmark
button. Excel will reply with this warning: Microsoft Excel could not open
this file or could not parse a file of this type. You can specify the
bookmark by adding it yourself, appending an octothorpe (pound sign) plus the
bookmark name to the path and file name.

C:\My Documents\MyDocument.doc#MyBookmark
To link to a particular page in a Word document, simply append a pound sign
and the page number after the document path and file name:

C:\My Documents\MyDocument.doc#4

Please check the following link for more details:
http://peltiertech.com/Excel/Hyperlinks.html
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"Zement" wrote:

Hi there

When linking to a Word or HTML bookmark from an Excel 2007 cell, the
document opens but not on the bookmark. Does anyone know what causes this
behavior and how it can be corrected?

We are facing upgrade problems from Office XP to Office 2007, and this is a
nasty one.

Many thanks in advance!