Seems this patch does not fully address the problem.

+ libtool --version
 libtool (GNU libtool) 2.4.7.65-e11f

For example, building hdf5 with the ARM compiler, with an MPI compiler wrapper
I still get this error:

flang: error: unknown argument: '-soname'

Looking at the libtool script produced by configure,
I still see empty wl=

11810 # ### BEGIN LIBTOOL TAG CONFIG: FC
11811      
11812 # The linker used to build libraries.
11813 LD="/bm/ashterenli/install/arm-compiler-for-linux_23.10_AmazonLinux-2/gcc-12.2.0_AmazonLinux-2/aarch64-linux-gnu/bin/ld"
11814        
11815 # How to create reloadable object files.
11816 reload_flag=" -r"
11817 reload_cmds="\$LD\$reload_flag -o \$output\$reload_objs"
11818        
11819 # Commands used to build an old-style archive.
11820 old_archive_cmds="\$AR \$AR_FLAGS \$oldlib\$oldobjs~\$RANLIB \$tool_oldlib"
11821        
11822 # A language specific compiler.
11823 CC="ftn"
11824
11825 # Is the compiler the GNU compiler?
11826 with_gcc=no
11827      
11828 # Compiler flag to turn off builtin functions.
11829 no_builtin_flag=""
11830      
11831 # Additional compiler flags for building library objects.
11832 pic_flag=""
11833      
11834 # How to pass a linker flag through the compiler.
11835 wl=""  


And I still have to fix the libtool script with:

sed -i -e 's/wl=""/wl="-Wl,"/g' libtool

which I got from: https://github.com/Unidata/netcdf-fortran/issues/309

i dropped the -DPIC part as no other target does it, and i think we handle that in common code already.  feel free to follow up if you disagree.

https://git.savannah.gnu.org/cgit/libtool.git/commit/?h=33d4b69fccbbb557c1160cc46c3d8d2f30fb8a2d