multiple % in target Pattern Rules ?

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Dear all,

should the following work , please see attached example makefile - and I'm 
overlooking something ?

'make x.bar' works
'make d/x.foo' works too, and the dir is created before the touch, as planned.

but 'make x/x.foo' doesn't, even if the subdir exists.

So, using % twice in a target doesn't work  - or I'm overlooking the obvious ?

TIA1e6, Pete
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