bug#52253: mingw cross-compilation issue - possibly as of commit ac40b5f37a

Linking executables with a linux-to-windows cross-compilation setup
has issues:

$ export PATH=/opt/cross_win64/bin:$PATH
$ export PKG_CONFIG_PATH=/home/sz/x86_64-w64-mingw32/lib/pkgconfig

$ pkg-config --cflags sdl2
-Dmain=SDL_main -I/home/sz/x86_64-w64-mingw32/include/SDL2

$ pkg-config --libs sdl2
-mwindows -L/home/sz/x86_64-w64-mingw32/lib -lmingw32 -lSDL2main -lSDL2
$ cd SDL_net
$ ./configure --host=x86_64-w64-mingw32 --prefix=/home/sz/x86_64-w64-mingw32
[...]
$ make
[...]
libtool: link: ( cd ".libs" && rm -f "libSDL2_net.la" && ln -s
"../libSDL2_net.la" "libSDL2_net.la" )
/bin/sh ./libtool  --tag=CC   --mode=link x86_64-w64-mingw32-gcc  -g
-O2 -Dmain=SDL_main -I/home/sz/x86_64-w64-mingw32/include/SDL2     -o
showinterfaces.exe showinterfaces.o libSDL2_net.la -mwindows
-L/home/sz/x86_64-w64-mingw32/lib -lmingw32 -lSDL2main -lSDL2
libtool: link: x86_64-w64-mingw32-gcc -g -O2 -Dmain=SDL_main
-I/home/sz/x86_64-w64-mingw32/include/SDL2 -o .libs/showinterfaces.exe
showinterfaces.o -mwindows  ./.libs/libSDL2_net.dll.a
-L/home/sz/x86_64-w64-mingw32/lib -lws2_32 -liphlpapi -lmingw32
-lSDL2main -lSDL2 -L/home/sz/x86_64-w64-mingw32/lib
libtool:   error: Could not determine the host path corresponding to
libtool:   error:   '/home/sz/SDL_net/.libs'
libtool:   error: Continuing, but uninstalled executables may not work.
libtool:   error: Could not determine the host path corresponding to
libtool:   error:
'/home/sz/x86_64-w64-mingw32/lib:/home/sz/x86_64-w64-mingw32/bin:/home/sz/SDL_net/.libs'
libtool:   error: Continuing, but uninstalled executables may not work.
/opt/cross_win64/lib/gcc/x86_64-w64-mingw32/4.5.4/../../../../x86_64-w64-mingw32/lib/libmingw32.a(lib64_libmingw32_a-crt0_c.o):
In function `main':
/home/sz/Downloads/W64_4.5_189152-src/build-crt/../mingw-w64-crt/crt/crt0_c.c:18:
undefined reference to `WinMain'
collect2: ld returned 1 exit status
x86_64-w64-mingw32-strip: './showinterfaces.exe': No such file

The link library order, i.e. -lmingw32 -lSDL2main -lSDL2 is important here.
I am not exactly sure what libtool does here, because manual linking without
libtool getting in the way actually works, e.g.:
$ x86_64-w64-mingw32-gcc -g -O2 -Dmain=SDL_main
-I/home/sz/x86_64-w64-mingw32/include/SDL2 -o .libs/showinterfaces.exe
showinterfaces.o -mwindows  ./.libs/libSDL2_net.dll.a
-L/home/sz/x86_64-w64-mingw32/lib -lws2_32 -liphlpapi -lmingw32
-lSDL2main -lSDL2

The issue shows itself with libtool-2.4.2 and 2.4.6 -- libtool-2.2.6 does
not have this issue.

The problem likely started with this commit by Charles Wilson:
http://git.savannah.gnu.org/gitweb/?p=libtool.git;a=commit;h=ac40b5f37ae68a7b4a254e43364e2d297f563310

Is there a way of resolving this, please?

--
O.S.