diff --git a/bfd/coffcode.h b/bfd/coffcode.h
index 2499885..fc61dee 100644
--- a/bfd/coffcode.h
+++ b/bfd/coffcode.h
@@ -4202,6 +4202,7 @@ coff_write_object_contents (bfd * abfd)
     {
       int firstundef;
 
+      coff_nt_weak_to_local(abfd);
       if (!coff_renumber_symbols (abfd, &firstundef))
 	return FALSE;
       coff_mangle_symbols (abfd);
diff --git a/bfd/coffgen.c b/bfd/coffgen.c
index 9257f73..dd05823 100644
--- a/bfd/coffgen.c
+++ b/bfd/coffgen.c
@@ -788,6 +788,49 @@ coff_renumber_symbols (bfd *bfd_ptr, int *first_undef)
   return TRUE;
 }
 
+/* Transform weak externals to local symbols if requested (e.g. objcopy). */
+void coff_nt_weak_to_local(bfd *abfd)
+{
+  unsigned int symbol_count = bfd_get_symcount (abfd);
+  asymbol **symbol_ptr_ptr = abfd->outsymbols;
+  unsigned int symbol_index;
+
+  for (symbol_index = 0; symbol_index < symbol_count; symbol_index++)
+    {
+      asymbol *symbol = symbol_ptr_ptr[symbol_index];
+      coff_symbol_type *coff_symbol_ptr;
+      combined_entry_type *native;
+      struct internal_syment *sym;
+
+      coff_symbol_ptr = coff_symbol_from (symbol);
+      if (!coff_symbol_ptr)
+        continue;
+
+      native = coff_symbol_ptr->native;
+      if (!native)
+        continue;
+
+      sym = &native->u.syment;
+
+      if ((symbol->flags & BSF_LOCAL) && sym->n_sclass == C_NT_WEAK
+	  && sym->n_numaux == 1) {
+        union internal_auxent *aux = &native[1].u.auxent;
+	struct internal_syment *wsym = &aux->x_sym.x_tagndx.p->u.syment;
+
+	if (!wsym) {
+	  symbol->flags &= BSF_LOCAL;
+	  continue;
+	}
+
+	symbol->flags &= ~BSF_WEAK;
+	symbol->value = wsym->n_value;
+	symbol->section = coff_section_from_bfd_index (abfd, wsym->n_scnum);
+	symbol->section->output_section = symbol->section;
+	sym->n_numaux = 0;
+      }
+    }
+}
+
 /* Run thorough the symbol table again, and fix it so that all
    pointers to entries are changed to the entries' index in the output
    symbol table.  */
diff --git a/bfd/libcoff.h b/bfd/libcoff.h
index 124e603..3ccf4d6 100644
--- a/bfd/libcoff.h
+++ b/bfd/libcoff.h
@@ -309,6 +309,8 @@ extern long coff_canonicalize_symtab
   (bfd *, asymbol **);
 extern int coff_count_linenumbers
   (bfd *);
+extern void coff_nt_weak_to_local
+  (bfd *);
 extern bfd_boolean coff_renumber_symbols
   (bfd *, int *);
 extern void coff_mangle_symbols
diff --git a/binutils/objcopy.c b/binutils/objcopy.c
index 2cd55fd..94b7702 100644
--- a/binutils/objcopy.c
+++ b/binutils/objcopy.c
@@ -1372,7 +1372,10 @@ filter_symbols (bfd *abfd, bfd *obfd, asymbol **osyms,
 	      sym->flags |= BSF_WEAK;
 	    }
 
-	  if (!undefined
+	  /* We want to check even undefined weak symbols in the case of PE,
+	   * since weak externals are classified as undefined. */
+	  if ((!undefined || (bfd_get_flavour (abfd) == bfd_target_coff_flavour &&
+			      CONST_STRNEQ ((abfd)->xvec->name, "pe")))
 	      && (flags & (BSF_GLOBAL | BSF_WEAK))
 	      && (is_specified_symbol (name, localize_specific_htab)
 		  || (htab_elements (keepglobal_specific_htab) != 0
-- 
2.1.0