diff --git a/Makefile b/Makefile
index 88375dcf90..b6ad03ad38 100644
--- a/Makefile
+++ b/Makefile
@@ -166,11 +166,15 @@ recurse-all: $(SUBDIR_RULES) $(ROMSUBDIR_RULES)
 
 bt-host.o: QEMU_CFLAGS += $(BLUEZ_CFLAGS)
 
-version.o: $(SRC_PATH)/version.rc config-host.h
+version.o: $(SRC_PATH)/version.rc config-host.h | version.lo
 	$(call quiet-command,$(WINDRES) -I. -o $@ $<,"  RC    $(TARGET_DIR)$@")
+version.lo: $(SRC_PATH)/version.rc config-host.h
+	$(call quiet-command,$(LIBTOOL) --mode=compile --tag=RC $(WINDRES) -I. -o $@ $<,"lt RC   $(TARGET_DIR)$@")
 
 version-obj-$(CONFIG_WIN32) += version.o
-Makefile: $(version-obj-y)
+version-lobj-$(CONFIG_WIN32) += $(if $(LIBTOOL),version.lo)
+Makefile: $(version-obj-y) $(version-lobj-y)
+
 
 ######################################################################
 # Build libraries
diff --git a/rules.mak b/rules.mak
index 36aba2de1f..292a42299f 100644
--- a/rules.mak
+++ b/rules.mak
@@ -35,7 +35,8 @@ LIBTOOL += $(if $(V),,--quiet)
 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) $(version-obj-y) \
+       $(sort $(filter %.o, $1)) $(filter-out %.o, $1) \
+       $(if $(filter %.lo %.la,$^),$(version-lobj-y),$(version-obj-y)) \
        $(if $(filter %.lo %.la,$^),$(LIBTOOLFLAGS)) \
        $(LIBS),$(if $(filter %.lo %.la,$^),"lt LINK ", "  LINK  ")"$(TARGET_DIR)$@")
 endif