MSYS build is broken on Windows 32 with a recent configuration (latest install, gcc-4.8.1, make 3.99, w32 port).
This is due to a broken MKDIR_P macro automatically introduced by aclocal at autoreconf stage (autogen.sh). As a result, Makefiles contain '/c/.../mkdir.exe -p' whilst they should have 'c:/.../mkdir.exe -p'
FIXES: either a) or b) [preferred option]
a) run: make MKDIR_P="mkdir.exe -p" to override aclocal macro on make command line
b) introduce the autoconf macro AC_PROG_MKDIR_P somewhere in configure.ac
Both ways fix the MSYS build. Suggest a master branch commit as fix may be relevant to other platforms.