The libtool script supplied with MinGW has difficulties to handle spaces in paths, and as such 'make install' will fail if the destination folder is, for example, 'C:\Program Files\XXX'.
The problem is due to classical omission of quotes when evaluating some expressions.
To fix it, edit the C:\MinGW\bin\libtool and search for
func_show_eval "$install_prog\$stripme \$file \$destfile" 'exit $?'
and replace with
func_show_eval "$install_prog\$stripme \$file \"\$destfile\"" 'exit $?'
Similarly replace
func_show_eval "$install_prog $file $destfile" 'exit $?'
with
func_show_eval "$install_prog \$file \"\$destfile\"" 'exit $?'