Links in shared workbook return #REF! error in Excel

Symptoms

When you save a shared workbook, links to external documents may return the #REF! error.

Cause

This problem occurs when the following conditions are true:

• Another user opens the shared workbook, creates a new link, and then saves the file.

• You open the shared workbook and then save the file.

Workaround

To update the links, follow these steps:

1. In Microsoft Office Excel 2003 or in Microsoft Excel 2002, click Links on the Edit menu.
   
   In Microsoft Office Excel 2007, click the Data tab, and then click Edit Links in the Connections group.

2. Click the linked workbook that you want to update, and then click
   Update Values.

3. Click Close.

Status

Microsoft has confirmed that this is a problem in the Microsoft products that are listed in the "Applies to" section.