For EML to MSG and text conversion, open the context menu of the EML file in a document library and choose “Convert Email To…” menu item.
It will open a new popup window displaying the file name to be converted and the output message format.
Select both the checkboxes and click on the “Convert” button to start the conversion process.
If the conversion is successful, 2 new files (MSG and TXT) will be added to the document library.
The attachments and embedded images are included while doing EML to MSG and vice versa conversion. For converting to TXT format, only the text of message is saved.
The above image shows the EML file opened in Windows Live Mail 2011
The above image shows the MSG file opened in Outlook 2010 after conversion