--- libtool.m4~
+++ libtool.m4
@@ -2213,11 +2213,11 @@
 if test yes = "$GCC"; then
   case $host_os in
     darwin*) lt_awk_arg='/^libraries:/,/LR/' ;;
     *) lt_awk_arg='/^libraries:/' ;;
   esac
-  case $host_os in
+  case $build_os in
     mingw* | cegcc*) lt_sed_strip_eq='s|=\([[A-Za-z]]:\)|\1|g' ;;
     *) lt_sed_strip_eq='s|=/|/|g' ;;
   esac
   lt_search_path_spec=`$CC -print-search-dirs | awk $lt_awk_arg | $SED -e "s/^libraries://" -e $lt_sed_strip_eq`
   case $lt_search_path_spec in
@@ -2264,11 +2264,11 @@
   if (lt_foo != "") { lt_freq[[lt_foo]]++; }
   if (lt_freq[[lt_foo]] == 1) { print lt_foo; }
 }'`
   # AWK program above erroneously prepends '/' to C:/dos/paths
   # for these hosts.
-  case $host_os in
+  case $build_os in
     mingw* | cegcc*) lt_search_path_spec=`$ECHO "$lt_search_path_spec" |\
       $SED 's|/\([[A-Za-z]]:\)|\1|g'` ;;
   esac
   sys_lib_search_path_spec=`$ECHO "$lt_search_path_spec" | $lt_NL2SP`
 else
@@ -2416,10 +2416,22 @@
       sys_lib_search_path_spec="$sys_lib_search_path_spec /usr/lib/w32api"])
       ;;
     mingw* | cegcc*)
       # MinGW DLLs use traditional 'lib' prefix
       soname_spec='$libname`echo $release | $SED -e 's/[[.]]/-/g'`$versuffix$shared_ext'
+      sys_lib_search_path_spec=`$CC -print-search-dirs | grep "^libraries:" | $SED -e "s/^libraries://" -e "s,=/,/,g"`
+      if echo "$sys_lib_search_path_spec" | [grep ';[c-zC-Z]:/' >/dev/null]; then
+        # It is most probably a Windows format PATH printed by
+        # mingw gcc, but we are running on Cygwin. Gcc prints its search
+        # path with ; separators, and with drive letters. We can handle the
+        # drive letters (cygwin fileutils understands them), so leave them,
+        # especially as we might pass files found there to a mingw objdump,
+        # which wouldn't understand a cygwinified path. Ahh.
+        sys_lib_search_path_spec=`echo "$sys_lib_search_path_spec" | $SED -e 's/;/ /g'`
+      else
+        sys_lib_search_path_spec=`echo "$sys_lib_search_path_spec" | $SED  -e "s/$PATH_SEPARATOR/ /g"`
+      fi
       ;;
     pw32*)
       # pw32 DLLs use 'pw' prefix rather than 'lib'
       library_names_spec='`echo $libname | sed -e 's/^lib/pw/'``echo $release | $SED -e 's/[[.]]/-/g'`$versuffix$shared_ext'
       ;;