Do not link against deplibs.  This is not needed for shared libs
on atleast ELF systems since those already know which libs they
need themself.  This seems to break a few things and will be fixed
in a better way in a future upstream version.

from debian, cf http://wiki.mandriva.com/en/Overlinking

diff -p -up libtool-2.4/libltdl/config/ltmain.m4sh.overlinking libtool-2.4/libltdl/config/ltmain.m4sh
--- libtool-2.4/libltdl/config/ltmain.m4sh.overlinking	2010-11-25 21:24:12.238339082 +0100
+++ libtool-2.4/libltdl/config/ltmain.m4sh	2010-11-25 21:24:12.268338244 +0100
@@ -5325,7 +5325,10 @@ func_mode_link ()
 	case $pass in
 	dlopen) libs="$dlfiles" ;;
 	dlpreopen) libs="$dlprefiles" ;;
-	link) libs="$deplibs %DEPLIBS% $dependency_libs" ;;
+	link)
+	  libs="$deplibs %DEPLIBS%"
+	  test "X$link_all_deplibs" != Xno && libs="$libs $dependency_libs"
+	  ;;
 	esac
       fi
       if test "$linkmode,$pass" = "lib,dlpreopen"; then
diff -p -up libtool-2.4/libltdl/m4/libtool.m4.overlinking libtool-2.4/libltdl/m4/libtool.m4
--- libtool-2.4/libltdl/m4/libtool.m4.overlinking	2010-11-25 21:35:38.855157019 +0100
+++ libtool-2.4/libltdl/m4/libtool.m4	2010-11-25 21:35:11.720915080 +0100
@@ -4517,6 +4517,9 @@ m4_if([$1], [CXX], [
       ;;
     esac
     ;;
+  linux* | k*bsd*-gnu)
+    _LT_TAGVAR(link_all_deplibs, $1)=no
+    ;;
   *)
     _LT_TAGVAR(export_symbols_cmds, $1)='$NM $libobjs $convenience | $global_symbol_pipe | $SED '\''s/.* //'\'' | sort | uniq > $export_symbols'
     ;;
@@ -4979,6 +4982,7 @@ _LT_EOF
 	if test "$aix_use_runtimelinking" = yes; then
 	  shared_flag="$shared_flag "'${wl}-G'
 	fi
+	_LT_TAGVAR(link_all_deplibs, $1)=no
       else
 	# not using gcc
 	if test "$host_cpu" = ia64; then
@@ -5984,6 +5988,7 @@ if test "$_lt_caught_CXX_error" != yes;
 	  if test "$aix_use_runtimelinking" = yes; then
 	    shared_flag="$shared_flag "'${wl}-G'
 	  fi
+	  _LT_TAGVAR(link_all_deplibs, $1)=no
         else
           # not using gcc
           if test "$host_cpu" = ia64; then