Here's the problem:

# rpm -q --requires emacs
/bin/sh
/bin/sh
/bin/sh
/bin/sh
/usr/sbin/alternatives
/usr/sbin/alternatives
dejavu-sans-mono-fonts
desktop-file-utils
emacs-common = 1:24.3-6.fc20
rpmlib(CompressedFileNames) <= 3.0.4-1
rpmlib(FileDigests) <= 4.6.0-1
rpmlib(PayloadFilesHavePrefix) <= 4.0-1
rpmlib(PayloadIsXz) <= 5.2-1

There are no libraries listed at all.  What happened to all of the library dependencies?

I am seeing the same issue, from vala build log:

+ /usr/bin/emacs -batch --no-init-file --no-site-file --eval '(progn (setq load-path (cons "." load-path)))' -f batch-byte-compile vala-mode.el
/usr/bin/emacs: error while loading shared libraries: libtiff.so.5: cannot open shared object file: No such file or directory

Thanks for bug,

I am solving that with upstream why in F19 and F18 all works fine (emacs 24.2)
but in rawhide (emacs-24.3) libraries are missing.

In build log (over mock) is mentioned:
[stone@kiasportyw emacs(master)]$ grep -rn "tiff" /var/lib/mock/fedora-rawhide-i386/result/build.log
274:checking tiffio.h usability... yes
275:checking tiffio.h presence... yes
276:checking for tiffio.h... yes
277:checking for TIFFGetVersion in -ltiff... yes
484:  Does Emacs use -ltiff?                                  yes
715:checking tiffio.h usability... yes
716:checking tiffio.h presence... yes
717:checking for tiffio.h... yes
718:checking for TIFFGetVersion in -ltiff... yes
925:  Does Emacs use -ltiff?                                  yes
1300:checking tiffio.h usability... yes
1301:checking tiffio.h presence... yes
1302:checking for tiffio.h... yes
1303:checking for TIFFGetVersion in -ltiff... yes
1510:  Does Emacs use -ltiff?                                  yes
3010:  -o temacs pre-crt0.o /usr/lib/crt1.o /usr/lib/crti.o dispnew.o frame.o scroll.o xdisp.o menu.o xmenu.o window.o charset.o coding.o category.o ccl.o character.o chartab.o bidi.o cm.o term.o terminal.o xfaces.o xterm.o xfns.o xselect.o xrdb.o xsmfns.o xsettings.o xgselect.o gtkutil.o emacsgtkfixed.o dbusbind.o emacs.o keyboard.o macros.o keymap.o sysdep.o buffer.o filelock.o insdel.o marker.o minibuf.o fileio.o dired.o cmds.o casetab.o casefiddle.o indent.o search.o regex.o undo.o alloc.o data.o doc.o editfns.o callint.o eval.o floatfns.o fns.o font.o print.o lread.o syntax.o unexelf.o bytecode.o process.o gnutls.o callproc.o region-cache.o sound.o atimer.o doprnt.o intervals.o textprop.o composite.o xml.o profiler.o     xfont.o ftfont.o xftfont.o ftxfont.o  fontset.o fringe.o image.o  terminfo.o lastfile.o    vm-limit.o   ../lib/libgnu.a      -ltiff -ljpeg -lpng -lz -lm -lgif -lXpm -lgtk-3 -lgdk-3 -lpangocairo-1.0 -lpango-1.0 -latk-1.0 -lcairo-gobject -lcairo -lgdk_pixbuf-2.0 -lgio-2.0 -lgobject-2.0 -lglib-2.0  -lSM -lICE -lX11 -lXrender -lXft  -lasound  -lrsvg-2 -lm -lgio-2.0 -lgdk_pixbuf-2.0 -lgobject-2.0 -lglib-2.0 -lcairo  -lMagickWand-6.Q16 -lMagickCore-6.Q16 -lm -lMagickCore-6.Q16   -lrt  -ldbus-1   -lxml2     -ltinfo  -lgio-2.0 -lgobject-2.0 -lglib-2.0  -lgconf-2 -lglib-2.0  -lgobject-2.0 -lglib-2.0  -lselinux -lfreetype  -lfontconfig  -lfreetype -lotf -lfreetype  -lm17n-core -lm17n-flt -lm17n-core  -lgnutls  -lpthread   -lm -lgcc -lc -lgcc /usr/lib/crtn.o 

This is used for building emacs without X
11057:  Does Emacs use -ltiff?                                  no
[stone@kiasportyw emacs(master)]$

This is due to a bug in file/libmagic 5.14 which causes the emacs binary not to be considered. With older file:

[pmatilai@localhost emacs]$ file ./usr/bin/emacs-24.3
./usr/bin/emacs-24.3: sticky ELF 64-bit LSB executable, x86-64, version 1 (SYSV), dynamically linked (uses shared libs), for GNU/Linux 2.6.32, BuildID[sha1]=0xbc44f9330e4ada87f6afe669b56f9e24f97cd395, stripped

With rawhide file:
[pmatilai@localhost emacs]$ file ./usr/bin/emacs-24.3
./usr/bin/emacs-24.3: stickyELF 64-bit LSB executable, x86-64, version 1 (SYSV), dynamically linked (uses shared libs), for GNU/Linux 2.6.32, BuildID[sha1]=33f944bc87da4a0e69e6aff6249e6fb595d37cf9, stripped

Note a missing space between "sticky" and "ELF" in the rawhide case, which causes rpm's file attribute rules not to match, and thus no dependency generation is run on it.

Hi Panu,

great thanks for finding the bug.
Please let me know when I can try to build up emacs with your correction
so that I will test emacs package.

Thank you in advance

Thanks for the report, should be fixed in File-5.14-4:

http://koji.fedoraproject.org/koji/taskinfo?taskID=5225207