Match taking into account characters like äëïöü, á, é, í, ó, ú

Hey I am running against a small problem that I do not know the answer of.

I have 2 lists:List 1 has all my data, for example

MärioToadBowserPëachLuigi

List 2 has data too (but this list doesnt have the ä's and ë's:

MarioLuigiToadPeachDaisy

My question is, can I match these 2 lists regardless of if they have ä's and ë's?

Per cel in list 2, I want to scroll through the entire list 1 to check if it is there, regardless of ä's and ë's?So it would look something like this:

Märio   Mario  TRUEToad    Luigi  TRUEBowser  Toad   TRUEPëach   Peach  TRUELuigi   Daisy  FALSE

So what I have been trying is using Select, but that doesnt work because it searches exactly for the word and also judges this based on ä's and ë's.Any idea how I can do this?

(also sorry for my english)

Update, using the formula from doubleunary it works only one way.With that I mean that when you put a name with a character like ä or ö in the second list, then you compare it with a name that is in the fist list without an ä or ö, it gives back a false. For example:

Märio   Mario  TRUEPeach   Pëach  FALSE