Americain, the magnificent-looking stallion bred in the US, trained in France and owned by Australian interests, has proved the dominant stayer to capture the $6 million Melbourne Cup (3,200m).

Hong Kong-based jockey Gerald Mosse guided Americain ($13) to victory ahead of Maluckyday ($9) and hot favourite So You Think ($3) before a crowd of 110,223 at Flemington.

So You Think hit the front at the top of the straight to the roars of the crowd, but Mosse was stalking the favourite and struck the front inside the final 200 metres and powered away to score by 2-3/4 lengths.

"The job is so easy when we have the best race and the best horse," Mosse said.

"The favourite was in front of me and I took my time.

"I pressed the button at the right time and I knew in the last 250 I was going to catch [So You Think]."

Americain is the fourth northern hemisphere-trained horse to win the Cup after Vintage Crop (1993), Media Puzzle (2002) and Delta Blues (2006).

The six-year-old announced himself as a serious Cup contender by overcoming trouble to capture the Geelong Cup (2,400m) on October 20.

His trainer, Alain de Royer Dupre, is one of the best horsemen in France and has won many of Europe's greatest races.

Dupre's best gallopers over the years include Zarkava, Daylami and Darshaan.

Americain was his first runner in Australia and he rates the Cup among his finest victories.

"It was a very big challenge to come from France and be competitive in this great race," Dupre said.

"But I was very confident before the race. He's a very good horse, and Gerald gave him a very good ride.

"I think it will be in vogue in Europe now to win [this race]."

The Cup win also caps a tumultuous riding stint Down Under for Mosse, who was suspended for his ride on Mr Medici in the last month's Caulfield Cup.

He says he has ridden in all of the world's big races but has not seen anything like the Cup.

"Every Group One is a big moment, but with a crowd like that, sometimes my throat is getting a bit tight," he said.

"It is difficult to explain but the feeling is a bit strong."

Part owner Gerry Ryan said Americain's win was a dream come true for him and fellow owner Kevin Bamford.

"Five years ago we planned this," Ryan said.

"This is what I've dreamed of ever since I was a kid. I was very relaxed because everything was out of my control."

Fleeting moment

Cups king Bart Cummings has to wait another year to claim his 13th win in the great race, but was done proud by his champion, So You Think.

Steven Arnold gave the dual Cox Plate winner a perfect ride just off the pace but the horse over-raced slightly as the pace fluctuated during the race.

Knowing So You Think was a doubt at the 3,200m, Arnold waited as long as he could before letting the brakes go in the straight.

He looked the winner for a fleeting moment but proved no match for the French stayer, who, unlike the favourite, was proven at the distance.

"I thought he ran super," Arnold said.

"He kicked well at the top of the straight but he just peaked at the furlong [200 metres].

"The winner was too strong."

Cummings's other runner, Precedence ($21), finished eighth under James Winks, who replaced Blake Shinn who was injured in a fall in an earlier race.

At $3, So You Think was the shortest-priced favourite since Archer won the second Melbourne Cup in 1862.

Next year

If bookmakers were to open a market for next year's Cup, Maluckyday would be favourite.

The four-year-old produced an impressive performance to finish second at only its ninth race start.

"It was a great run. The only thing against him we knew going into today's run was that he's 12 months away," Luke Nolen said.

"He travelled up like the winner, but the winner's physical [capability] is further advanced than my bloke and you'll probably see this horse winning it next year."

Last year's winner Shocking settled near the tail of the field from the outside barrier but never issued a challenge and finished 18th.

"He's pulled up a little bit sore. Coming from barrier 24 didn't make it easy," Michael Rodd said.

Zavite had the dubious honour of being last past the post, while Caulfield Cup winner Descarado failed to finish.

"He pulled up short in his action but I'm not sure what's wrong with him, but he's a better horse than that," jockey Nash Rawiller said.

Veteran galloper Zipping, attempting to be the first nine-year-old to win the race, produced another outstanding effort to finish fourth at its fourth Cup start.

"He ran fantastic. He's getting closer and closer to running out [the 3,200m] so you might see him as a 10-year-old," Nick Hall said.

Celebrations

More than 4,000 staff at Flemington made sure the 10,000 bottles of champagne kept flowing throughout the day.

Tens of thousands of people jockeyed for position trackside to watch the Cup, most clutching umbrellas as showers plagued the track throughout the day.

South Australian racegoer Christine Baker said there was the usual mix of fashion classics and clangers.

"You've got the very extravagant to the very weird to the very beautiful," she said.

"It's fantastic. It's just what the Melbourne Cup's all about."

Public transport operators have appealed for patience, with tens of thousands of people expected to use trains, trams and buses to make their way home.

Where they finished in the Melbourne Cup:

1. Americain

2. Maluckyday

3. So You Think

4. Zipping

5. Harris Tweed

6. Holberg

7. Manighar

8. Precedence

9. Illustrious Blue

10. Mr Medici

11. Once Were Wild

12. Tokai Trick

13. Shoot Out

14. Monaco Consul

15. Master O'Reilly

16. Campanologist

17. Profound Beauty

18. Shocking

19. Red Ruler

20. Buccellati

21. Linton

22. Zavite

Descarado failed to finish.