diff --git a/Makefile b/Makefile
index 58e352772c..f91f3b0a11 100644
--- a/Makefile
+++ b/Makefile
@@ -170,8 +170,7 @@ version.o: $(SRC_PATH)/version.rc config-host.h | version.lo
 version.lo: $(SRC_PATH)/version.rc config-host.h
 
 version-obj-$(CONFIG_WIN32) += version.o
-version-lobj-$(CONFIG_WIN32) += $(if $(LIBTOOL),version.lo)
-Makefile: $(version-obj-y) $(version-lobj-y)
+version-lobj-$(CONFIG_WIN32) += version.lo
 
 
 ######################################################################
diff --git a/rules.mak b/rules.mak
index 279525d3d3..197a9d7abf 100644
--- a/rules.mak
+++ b/rules.mak
@@ -22,12 +22,15 @@ QEMU_CFLAGS += -I$(<D) -I$(@D)
 %.o: %.rc
 	$(call quiet-command,$(WINDRES) -I. -o $@ $<,"  RC    $(TARGET_DIR)$@")
 
+Makefile: $(version-obj-y)
+
 ifeq ($(LIBTOOL),)
 LIBTOOL = /bin/false
 LINK = $(call quiet-command,$(CC) $(QEMU_CFLAGS) $(CFLAGS) $(LDFLAGS) -o $@ \
        $(sort $(filter %.o, $1)) $(filter-out %.o, $1) $(version-obj-y) \
        $(LIBS),"  LINK  $(TARGET_DIR)$@")
 else
+Makefile: $(version-lobj-y)
 LIBTOOL += $(if $(V),,--quiet)
 %.lo: %.c
 	$(call quiet-command,$(LIBTOOL) --mode=compile --tag=CC $(CC) $(QEMU_INCLUDES) $(QEMU_CFLAGS) $(QEMU_DGFLAGS) $(CFLAGS) -c -o $@ $<,"  lt CC $@")