Make doesn't work on Ubuntu 14.04 LTS

OS: Ubuntu 14.04 amd64

What steps will reproduce the problem?
1. Install libgtkhotkey1
2. Checkout the quickpurple svn repository to /tmp:
$ svn checkout http://quickpurple.googlecode.com/svn/trunk/ 
quickpurple-read-only 
A    quickpurple-read-only/PKGBUILD
A    quickpurple-read-only/quickpurple.c
A    quickpurple-read-only/Makefile
Checked out revision 18.

3. Go to /tmp/quickpurple-read-only
4. Invoke 'make' command
Output:
$ make
Package pidgin was not found in the pkg-config search path.
Perhaps you should add the directory containing `pidgin.pc'
to the PKG_CONFIG_PATH environment variable
No package 'pidgin' found
Package gtkhotkey-1.0 was not found in the pkg-config search path.
Perhaps you should add the directory containing `gtkhotkey-1.0.pc'
to the PKG_CONFIG_PATH environment variable
No package 'gtkhotkey-1.0' found
libtool --mode=compile gcc -g -shared  -c quickpurple.c
make: libtool: Command not found
make: *** [quickpurple.lo] Error 127

Please note that I do have the Pidgin installed in my system: Pidgin 2.10.9 
(libpurple 2.10.9).

Original issue reported on code.google.com by const.nekrasoff on 16 Jun 2014 at 10:24

shashurup / quickpurple

Make doesn't work on Ubuntu 14.04 LTS #4