diff --git a/configure b/configure
index ea42fe2457..5ae203df08 100755
--- a/configure
+++ b/configure
@@ -3721,7 +3721,13 @@ echo "MAKE=$make" >> $config_host_mak
 echo "INSTALL=$install" >> $config_host_mak
 echo "INSTALL_DIR=$install -d -m 0755" >> $config_host_mak
 echo "INSTALL_DATA=$install -c -m 0644" >> $config_host_mak
-echo "INSTALL_PROG=$install -c -m 0755" >> $config_host_mak
+if test -n "$libtool"; then
+  echo "INSTALL_PROG=\$(LIBTOOL) --mode=install $install -c -m 0755" >> $config_host_mak
+  echo "INSTALL_LIB=\$(LIBTOOL) --mode=install $install -c -m 0644" >> $config_host_mak
+else
+  echo "INSTALL_PROG=$install -c -m 0755" >> $config_host_mak
+  echo "INSTALL_LIB=$install -c -m 0644" >> $config_host_mak
+fi
 echo "PYTHON=$python" >> $config_host_mak
 echo "CC=$cc" >> $config_host_mak
 echo "CC_I386=$cc_i386" >> $config_host_mak
diff --git a/libcacard/Makefile b/libcacard/Makefile
index 9fa109f8ae..34d503b8cc 100644
--- a/libcacard/Makefile
+++ b/libcacard/Makefile
@@ -10,6 +10,9 @@ $(call set-vpath, $(SRC_PATH))
 QEMU_OBJS=$(oslib-obj-y) qemu-timer-common.o $(trace-obj-y) $(stub-obj-y)
 QEMU_OBJS_LIB=$(patsubst %.o,%.lo,$(QEMU_OBJS))
 
+# libtool will build the .o files, too
+$(libcacard-obj-y): | $(libcacard-lobj-y)
+
 QEMU_CFLAGS+=-I../
 
 libcacard.lib-y=$(patsubst %.o,%.lo,$(libcacard-y))
@@ -54,10 +57,10 @@ install-libcacard: libcacard.pc libcacard.la vscclient
 	$(INSTALL_DIR) "$(DESTDIR)$(libdir)/pkgconfig"
 	$(INSTALL_DIR) "$(DESTDIR)$(libcacard_includedir)"
 	$(INSTALL_DIR) "$(DESTDIR)$(bindir)"
-	$(LIBTOOL) --mode=install $(INSTALL_PROG) vscclient "$(DESTDIR)$(bindir)"
-	$(LIBTOOL) --mode=install $(INSTALL_DATA) libcacard.la "$(DESTDIR)$(libdir)"
-	$(LIBTOOL) --mode=install $(INSTALL_DATA) libcacard.pc "$(DESTDIR)$(libdir)/pkgconfig"
+	$(INSTALL_PROG) vscclient "$(DESTDIR)$(bindir)"
+	$(INSTALL_LIB) libcacard.la "$(DESTDIR)$(libdir)"
+	$(INSTALL_DATA) libcacard.pc "$(DESTDIR)$(libdir)/pkgconfig"
 	for inc in *.h; do \
-		$(LIBTOOL) --mode=install $(INSTALL_DATA) $(libcacard_srcpath)/$$inc "$(DESTDIR)$(libcacard_includedir)"; \
+		$(INSTALL_DATA) $(libcacard_srcpath)/$$inc "$(DESTDIR)$(libcacard_includedir)"; \
 	done
 endif
diff --git a/rules.mak b/rules.mak
index 927301251e..4673aada07 100644
--- a/rules.mak
+++ b/rules.mak
@@ -23,10 +23,18 @@ QEMU_CFLAGS += -I$(<D) -I$(@D)
 ifeq ($(LIBTOOL),)
 %.lo: %.c
 	@echo "missing libtool. please install and rerun configure"; exit 1
+LINK = $(call quiet-command,$(CC) $(QEMU_CFLAGS) $(CFLAGS) $(LDFLAGS) -o $@ \
+       $(sort $(filter %.o, $1)) $(filter-out %.o, $1) \
+       $(LIBS),"  LINK  $(TARGET_DIR)$@")
 else
 LIBTOOL += $(if $(V),,--quiet)
 %.lo: %.c
 	$(call quiet-command,$(LIBTOOL) --mode=compile --tag=CC $(CC) $(QEMU_INCLUDES) $(QEMU_CFLAGS) $(QEMU_DGFLAGS) $(CFLAGS) -c -o $@ $<,"  lt CC $@")
+LINK = $(call quiet-command,\
+       $(if $(filter %.lo %.la,$^),$(LIBTOOL) --mode=link --tag=CC \
+       )$(CC) $(QEMU_CFLAGS) $(CFLAGS) $(LDFLAGS) -o $@ \
+       $(sort $(filter %.o, $1)) $(filter-out %.o, $1) \
+       $(LIBS),$(if $(filter %.lo %.la,$^),"lt LINK ", "  LINK  ")"$(TARGET_DIR)$@")
 endif
 
 %.asm: %.S
@@ -38,8 +46,6 @@ endif
 %.o: %.m
 	$(call quiet-command,$(OBJCC) $(QEMU_INCLUDES) $(QEMU_CFLAGS) $(QEMU_DGFLAGS) $(CFLAGS) -c -o $@ $<,"  OBJC  $(TARGET_DIR)$@")
 
-LINK = $(call quiet-command,$(CC) $(QEMU_CFLAGS) $(CFLAGS) $(LDFLAGS) -o $@ $(sort $(filter %.o, $1)) $(filter-out %.o, $1) $(LIBS),"  LINK  $(TARGET_DIR)$@")
-
 %$(EXESUF): %.o
 	$(call LINK,$^)