Protectionist has won the 2014 Melbourne Cup.
Red Cadeaux came in second, with Auckland Cup winner Who Shot Thebarman placing third.
But favourite Admire Rakti has died after finishing last in the race. It won the Caulfield Cup in brilliant style last month, and today raced near the lead for most of the 3200-metre journey.
As it rounded the final bend the horse was clearly under pressure and dropped back through the field sharply.
He finished 25 lengths behind the second-last horse.
Chief steward Terry Baily said the seven-year-old collapsed and died when he returned to the tie-up stalls after the race.
Racing Victoria vets will conduct an autopsy.
"It's a shame. We had such a nice, clean-run Melbourne Cup," Bailey said.
'He's won very easy'
Protectionist delivered the first Melbourne Cup win for Germany.
He becomes the fifth northern hemisphere-trained horse to win the race since Vintage Crop scored in 1993.
Protectionist is trained by Andreas Wohler and was ridden by Ryan Moore, the English jockey who won the Cox Plate on Irish galloper Adelaide.
"He's won very easy, that's a very good horse," Moore said.
"Obviously it's very special."
Starting with Japanese stayer Admire Rakti's win in the Caulfield Cup, the Melbourne spring carnival has belonged to the internationals.
But Protectionist's win has ensured there is cause for Australian celebration after the nation's greatest horse race.
The five-year-old is part-owned by Australian Bloodstock, the syndicator which raced the 2011 Melbourne Cup placegetter Lucas Cranach.
Red Cadeaux, lining up in his fourth Melbourne Cup, became the first horse to run second three times after also finishing runner-up in 2011 and 2013.
The nine-year-old was being hailed the winner until Protectionist emerged between horses at the 200m mark.
Auckland Cup winner Who Shot Thebarman was the first Australian-trained horse to finish, making ground along the inside to take the minor placing ahead of Signoff.
Favourite Admire Rakti, aiming to complete the Caulfield Cup-Melbourne Cup double, raced in second place but was beaten at turn and dropped right out.
- NZME.
