Such sad news :-(  Here's the story from People Magazine:

Salma Hayek and her French billionaire fiancé, Francois-Henri Pinault, have called off their 16-month engagement, Hayek's rep tells USA Today. 

The couple, who welcomed their first daughter, Valentina Paloma, last September, met in Venice in May 2006 and announced their engagement in March of 2007. 

"We are sad to announce the engagement of Salma Hayek and Francois-Henri Pinault has been canceled," Hayek's rep said in a statement. "There will be no further comment."