Atletico Nacional sealed third place in the Club World Cup, beating Club America 4-3 on penalties after 90 minutes of action in Yokohama had ended in a 2-2 draw.

In the shoot-out, America's Osvaldo Martinez hit the crossbar and Miguel Samudio - who had earlier scored an own goal - fired over, meaning Juan Pablo Nieto's miss for Atletico went unpunished.

Atletico had threatened to run away with the match after Samudio's own goal and a strike from Alejandro Guerra.

But Michael Arroyo reduced the deficit prior to half-time and America drew level after the break through a penalty from substitute Oribe Peralta.

Atletico prevailed in the shoot-out, though, meaning they finish third ahead of the final between Real Madrid and Kashima Antlers later on Sunday.

Both sides had been soundly beaten in their respective semi-finals but it was Atletico who made the brighter start, taking the lead in the sixth minute.

Mateus Uribe's excellent throughball sought out Orlando Berrio and as the forward prepared to shoot, Samudio stuck out a leg but only succeeded in poking the ball through the legs of his own goalkeeper.

America ought to have had a penalty when Rubens Sambueza was chopped down by Atletico keeper Franco Armani, and their mood was not improved when Silvio Romero could only stab wide from close range shortly afterwards.

To make matters worse, Atletico went two up in the 26th minute as Berrio got in down the right and cut the ball back for Guerra to sweep home first time.

The game should have been put to bed when more good work from Berrio saw the ball run for Jhon Mosquera, whose shot crashed back off the bar.

This time it was Atletico's turn to rue a missed opportunity as America pulled one back, Samudio setting up Arroyo to smash home in the 38th minute.

Romero forced a good save from Armani early in the second half as America pushed to complete the comeback.

The striker then had an excellent shooting opportunity in his side's next attack but could only fire straight at Armani, before Guerra chipped over after an excellent team move for Atletico at the other end.

The America penalty award was controversial as Farid Diaz jumped into the back of Samudio while challenging for a header, allowing Peralta to find the top corner from the spot after 66 minutes.

Atletico substitute Miguel Borja forced a good save from Moises Munoz from long range as the match moved to penalties.

America missed both of their first two spot-kicks to put Atletico in control despite Nieto's miss, and Borja went on to hit the winning penalty.