bm,
It is important to do it in the steps described in the first post.
Here it is more specificied:
1) Select the two ellipses to the left and Object>Compound Path>Make, then do the same with the two ellipses to the right;
2) Select both Compound Paths from 1) and Pathfinder>Add to Shape Area, hold Alt/Option to get a Compound Path (CS2 speak).