Not to my knowledge. Libtool does this to support the use of "static" libraries, which generally require all of the indirect and direct dependencies, in the correct order (including duplicates), to be provided on the command line at link time.
For a shared library link, this can, on some platforms, add data to the output binary that may not necessary on every platform but remember, the purpose of Libtool is not to provide optimal linking on your platform, but to provide portability across platforms.
HTH,
Robert Boehne