"Split" will turn the strings into an array 
Dim strCelOne As Variant
'Or ,shorter but same result
Dim strCelTwo

strCelOne = Split(Range("whatever"), " ; ")
Then you need to loop thru each Array Variable,(strCel One & Two) to compare all items with all other items,
Dim i As Long, j As long
For i = lBound(strCelOne) to Ubound(strCelOne)
   For j = i to Ubound(strCelTwo)
    If strCelOne(i) = strCelTwo(j) THen
        'Do something
   End If
 Next j
Next i
"Do Something" is the confusing part. First we have to "remember" if an item in strCelTwo matched any item in strCelOne, but if it didn't match any item, we immediately know that the two Ranges aren't "equal." 
Dim Found As Boolean
Dim Failed As Boolean
"Do Something" 
Found = False ' Need to reset this for each loop thru strCelOne
'For j blah, blah
    If strCelOne(i) = strCelTwo(j) Then
        Found = True
        Exit For 'Found a match, don't need to check any more items in strCelTwo.
    End If 
    'If we are still in this loop, then no match was found
    Failed = True
    Exit Sub 'We're done. At least one item in strCelTwo did not match
 Next j
Next i
End Sub
That is really all the code you need to determine if the two cells are NOT "equal." If they're are Not unequal then they are ? However it is Best Practice to put all this code into a FUnction, that can be used by the sub that actually loops thru the Rows and does to the cells, what ever you need doing.

Function VBAX_SamT_CellsMatch(rngCelOne As Range, rngCelTwo As Range) As Boolean
'Returns True if Cells have matching substrings in them
'For Help See: http://www.vbaexpress.com/forum/showthread.php?54118

Dim CelOne, CelTwo
Dim i As Long, j As long

'Check if Same number of Sub Strings
If Ubound(srCelOne) <> Ubound(strCelTwo) Then
   VBAX_SamT_CellsMatch = False
   Exit Function
End If  

For i = lBound(strCelOne) to Ubound(strCelOne)
   For j = i to Ubound(strCelTwo)
    If  strCelTwo(j) = strCelOne(i) Then
        GoTo iNext 'Found a match, don't need to check any more items in strCelTwo
   Else
        'If we are here, then a no match sub-String was found
    VBAX_SamT_CellsMatch = False
     Exit Function
    End If
 Next j
iNext:
Next i 'Compare next item in strCelOne

    'If we are still here, then everything matched up
    VBAX_SamT_CellsMatch = True
End Function
Sub LoopingthruRows()
Dim rw As Long
For rw = 1 to Cells(RowsCount, "A").End(xlUp).Row
   If Not VBAX_SamT_CellsMatch(Cells(rw, "A"), Cells(rw, "B")) Then
   'Do Something
End If
Next rw
End Sub