https://gcc.gnu.org/bugzilla/show_bug.cgi?id=82856
--- Comment #3 from Thomas Koenig <tkoenig at gcc dot gnu.org> --- FWITW, the patch to automake --- automake-1.11.orig 2017-11-06 21:47:27.451349052 +0100 +++ automake 2017-11-06 21:48:29.882102274 +0100 @@ -4156,7 +4156,7 @@ sub substitute_ac_subst_variables ($) { my ($text) = @_; - $text =~ s/\${([^ \t=:+{}]+)}/&substitute_ac_subst_variables_worker ($1)/ge; + $text =~ s/\$\{([^ \t=:+{}]+)\}/&substitute_ac_subst_variables_worker ($1)/ge; return $text; } seems to fix the issue for me.