Has anyone successfully built Graphviz with MinGW gcc 4.7.2?

I'm trying to build on a Windows 7 x64 machine, but as 32-bit code.
I downloaded GTK+ to ensure all dependencies are available. I am using MinGW/MSys and tried to compile from the MSys shell.

export INSTALLROOT=/c/tools/graphviz
export GTKDIR=/c/code/gtk+2.24.10
export FONTCONFIGINCLUDEDIR=${GTKDIR}/include/fontconfig
export FONTCONFIGLIBDIR=${GTKDIR}/lib
export FREETYPEINCLUDEDIR=${GTKDIR}/include/freetype2
export FREETYPELIBDIR=${GTKDIR}/lib

export CFLAGS="-DGVDLL=1"
export CPPFLAGS="-I$GTKDIR/include -I$GTKDIR/include/freetype2 "
export LDFLAGS="-L$GTKDIR/lib -no-undefined"
export FONTCONFIG_CFLAGS=-I$GTKDIR/include/
export FONTCONFIG_LIBS="-L$FONTCONFIGLIBDIR -lfontconfig"
export FREETYPE2_CFLAGS=-I$FREETYPEINCLUDEDIR
export FREETYPE2_LIBS=-L$FREETYPELIBDIR
export PKG_CONFIG=$GTKDIR/bin/pkg-config
export PKG_CONFIG_PATH=$GTKDIR/lib/pkgconfig

export PANGOFLAGS="--with-fontconfig --with-fontconfiglibdir=$FONTCONFIGLIBDIR --with-fontconfigincludedir=$FONTCONFIGINCLUDEDIR --with-pangocairo"

I tried to two following configuration

# ./configure -C --prefix=$INSTALLROOT --without-gdk-pixbuf --with-mylibgd --disable-swig --without-x --disable-tcl --without-ipsepcola --enable-shared --disable-static --with-freetype=$GTKDIR/lib --enable-ltdl $PANGOFLAGS --without-gtk --without-gtkgl

./configure -C --prefix=$INSTALLROOT --without-gdk-pixbuf --with-mylibgd --disable-swig --without-x --disable-tcl --without-ipsepcola --disable-shared --enable-static --with-freetype=$GTKDIR/lib --without-gtk --without-gtkgl --disable-ltdl --with-cgraph --with-libgd

I have tried and I keep getting errors. Based on the config.log it seems like the current gcc is not supported by this.

In the config.log I see
gcc.exe: error: unrecognized command line option '-no-undefined'

The '-no-undefined' is specified in the LDFLAGS above as per instructions on the MinGW build for Graphviz. If I take it out, then configure seems to pass but I run into a whole bunch of problems during make.

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