The configure script doesn't inherit previous defined variables,
overwriting previous declarations of bytecccompopts, bytecclinkopts,
nativecccompopts and nativecclinkopts. Reported upstream as issue 0004267.

Index: ocaml-4.03.0+beta1/configure
===================================================================
--- ocaml-4.03.0+beta1.orig/configure
+++ ocaml-4.03.0+beta1/configure
@@ -290,7 +290,7 @@ esac
 # Configure the bytecode compiler
 
 bytecc="$cc"
-mkexe="\$(BYTECC)"
+mkexe="\$(BYTECC) \$(BYTECCLINKOPTS)"
 mkexedebugflag="-g"
 bytecccompopts=""
 bytecclinkopts=""
@@ -1671,6 +1671,16 @@ fi
 echo "X11_INCLUDES=$x11_include" >> Makefile
 echo "X11_LINK=$x11_link" >> Makefile
 
+bytecccompopts="$CFLAGS $bytecccompopts"
+bytecclinkopts="$LDFLAGS $bytecclinkopts"
+natdynlinkopts="$LDFLAGS $natdynlinkopts"
+nativeccrawlinkopts="$RAW_LDFLAGS $nativecclinkopts"
+nativecclinkopts="$LDFLAGS $nativecclinkopts"
+nativecccompopts="$CFLAGS $nativecccompopts"
+nativeccprofopts="$nativecccompopts"
+mksharedlib="$mksharedlib $LDFLAGS"
+mkmaindll="$mkmaindll $LDFLAGS"
+
 # Look for BFD library
 
 if sh ./hasgot -DPACKAGE=ocaml -i bfd.h && \
@@ -1769,6 +1779,7 @@ echo "NATIVECC=$nativecc" >> Makefile
 echo "NATIVECCCOMPOPTS=$nativecccompopts" >> Makefile
 echo "NATIVECCPROFOPTS=$nativeccprofopts" >> Makefile
 echo "NATIVECCLINKOPTS=$nativecclinkopts" >> Makefile
+echo "NATIVECCRAWLINKOPTS=$nativeccrawlinkopts" >> Makefile
 echo "NATIVECCRPATH=$nativeccrpath" >> Makefile
 echo "NATIVECCLIBS=$cclibs $dllib" >> Makefile
 echo "ASM=$as" >> Makefile
@@ -1780,7 +1791,7 @@ echo "OTHERLIBRARIES=$otherlibraries" >>
 echo "CC_PROFILE=$cc_profile" >> Makefile
 echo "SYSTHREAD_SUPPORT=$systhread_support" >> Makefile
 echo "PARTIALLD=$partialld" >> Makefile
-echo "PACKLD=\$(PARTIALLD) \$(NATIVECCLINKOPTS) -o " \
+echo "PACKLD=\$(PARTIALLD) \$(NATIVECCRAWLINKOPTS) -o " \
   | sed -e 's/ $/\\ /' >> Makefile
 echo "DLLCCCOMPOPTS=$dllccompopts" >> Makefile
 echo "IFLEXDIR=$iflexdir" >> Makefile
