According to the gmake 4.3 release docs:

* WARNING: Backward-incompatibility!
  Number signs (#) appearing inside a macro reference or function invocation
  no longer introduce comments and should not be escaped with backslashes:
  thus a call such as:
    foo := $(shell echo '#')
  is legal.  Previously the number sign needed to be escaped, for example:
    foo := $(shell echo '\#')
  Now this latter will resolve to "\#".  If you want to write makefiles
  portable to both versions, assign the number sign to a variable:
    H := \#
    foo := $(shell echo '$H')
  This was claimed to be fixed in 3.81, but wasn't, for some reason.
  To detect this change search for 'nocomment' in the .FEATURES variable.

* WARNING: Backward-incompatibility!
  Previously appending using '+=' to an empty variable would result in a value
  starting with a space.  Now the initial space is only added if the variable
  already contains some value.  Similarly, appending an empty string does not
  add a trailing space.

Not sure if any of the above are a factor

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