automake/libtool interoperability problem

[Lars Hecking]

$ automake --version
automake (GNU automake) 1.7.3
Written by Tom Tromey <address@hidden>.

Copyright 2003 Free Software Foundation, Inc.
This is free software; see the source for copying conditions.  There is NO
warranty; not even for MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.
$ libtool --version
ltmain.sh (GNU libtool) 1.4.3 (1.922.2.110 2002/10/23 01:39:54)
$ cd /tmp/zimg
$ automake -a
configure.in: installing `./install-sh'
configure.in: installing `./mkinstalldirs'
configure.in: installing `./missing'
configure.in:69: installing `./config.guess'
configure.in:69: installing `./config.sub'
Makefile.am: installing `./depcomp'
configure.in:69: required file `./ltmain.sh' not found
$ 

 The automake libdir is PREFIX/share/automake-1.7, ltmain.sh is installed
 under PREFIX/share/libtool.

 Which tool is at fault here, automake for not searching the libtool library
 dir, or libtool for installing its components in an unusual place?