On a PC this is Alt+O,C,A, as explained here.
Is there an equivalent keyboard shortcut in Excel for Mac, to fit the column width to the width of the text?
I'm using the 2011 version.
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Although Microsoft did not include many keyboard shortcuts in their Office Suite for Mac, you can make your own for any app including Office apps. To do so:
In this case you must type in
AutoFit Selection just as it appears on the menu in Excel. (Format > Column > AutoFit Selection)
You can choose any key combination that suits your fancy.