libtool: Version mismatch error. This is libtool 2.4, but the libtool: definition of this LT_INIT comes from libtool 2.2.6b. libtool: You should recreate aclocal.m4 with macros from libtool 2.4 libtool: and run autoconf again.
I found references to LT_INIT in ltmain.sh, so I deleted it and ran libtoolize. After that the build process suggested in INSTALL worked fine.