Usually above error will say what library it is not able to find but in this case it is not saying anything such. Instead it appears as though the message applies to the output .o being emitted itself.
Any clue?

/usr/bin/g++ -c -D_FILE_OFFSET_BITS=64 -DEAPI -DMODULE_NAMESPACE=wsapi -DYAHOO_NO_AP_COMPAT -DPHP_ATOM_INC -fPIC -DLINUX -D_GNU_SOURCE -D_THREAD_SAFE -DUSE_STD_YUTSTRING -DNO_FACTORY -I../inc -I../common -I../inc/cppunit `xml2-config --cflags` -I/home/y/include/yapache -I/home/y/include64 -I/home/y/include -I.. -I../libraries -fPIC -fprofile-arcs -ftest-coverage -Wall -Werror -pipe -MD -g -DDEBUG=1 WSApiParam.cpp -o x86_64-rhel4-gcc3.gcov/WSApiParam.o
/usr/bin/g++ -c -D_FILE_OFFSET_BITS=64 -DEAPI -DMODULE_NAMESPACE=wsapi -DYAHOO_NO_AP_COMPAT -DPHP_ATOM_INC -fPIC -DLINUX -D_GNU_SOURCE -D_THREAD_SAFE -DUSE_STD_YUTSTRING -DNO_FACTORY -I../inc -I../common -I../inc/cppunit `xml2-config --cflags` -I/home/y/include/yapache -I/home/y/include64 -I/home/y/include -I.. -I../libraries -fPIC -fprofile-arcs -ftest-coverage -Wall -Werror -pipe -MD -g -DDEBUG=1 api_common.cpp -o x86_64-rhel4-gcc3.gcov/api_common.o
/usr/bin/g++ -c -D_FILE_OFFSET_BITS=64 -DEAPI -DMODULE_NAMESPACE=wsapi -DYAHOO_NO_AP_COMPAT -DPHP_ATOM_INC -fPIC -DLINUX -D_GNU_SOURCE -D_THREAD_SAFE -DUSE_STD_YUTSTRING -DNO_FACTORY -I../inc -I../common -I../inc/cppunit `xml2-config --cflags` -I/home/y/include/yapache -I/home/y/include64 -I/home/y/include -I.. -I../libraries -fPIC -fprofile-arcs -ftest-coverage -Wall -Werror -pipe -MD -g -DDEBUG=1 headers_common.cpp -o x86_64-rhel4-gcc3.gcov/headers_common.o

====> Linking x86_64-rhel4-gcc3.gcov/libwsapi_common.so.2.0 for C++
/usr/bin/g++ -fPIC -fprofile-arcs -ftest-coverage -Wall -Werror -pipe -MD -g -DDEBUG=1 -D_FILE_OFFSET_BITS=64 -DEAPI -DMODULE_NAMESPACE=wsapi -DYAHOO_NO_AP_COMPAT -DPHP_ATOM_INC -fPIC -DLINUX -D_GNU_SOURCE -D_THREAD_SAFE -DUSE_STD_YUTSTRING -DNO_FACTORY -I../inc -I../common -I../inc/cppunit -I/usr/include/libxml2 -I/home/y/include/yapache -I/home/y/include64 -I/home/y/include -I.. -I../libraries -Wl,-rpath,/home/y/lib64 -o x86_64-rhel4-gcc3.gcov/libwsapi_common.so.2.0 x86_64-rhel4-gcc3.gcov/WSApiParam.o x86_64-rhel4-gcc3.gcov/api_common.o x86_64-rhel4-gcc3.gcov/headers_common.o -shared -Wl,-x -Wl,-soname,libwsapi_common.so.2.0 -Wl,-rpath,/home/y/lib64 -L../lib64 -L/home/y/lib64 -Wl,-rpath-link,../lib64 -Wl,-rpath-link,/home/y/lib64 -L../common/x86_64-rhel4-gcc3.gcov -lcommon -L../filter/x86_64-rhel4-gcc3.gcov -lyf -lxml2 -lz -lpthread -lm -lyca -lyiv -lboost_regex -Lx86_64-rhel4-gcc3.gcov -lbsd-compat -L../libs/rhel.4.x
collect2: ld returned 1 exit status
gmake[1]: *** [x86_64-rhel4-gcc3.gcov/libwsapi_common.so.2.0] Error 1
gmake[1]: Leaving directory `/home/kannanj/svn/Main/WSToolKit/wsapi_common'
gmake: *** [full-build/x86_64-rhel4-gcc3] Error 2