Salma Hayek has called off her engagement to super ultra gazillionaire Francois-Henri Pinault (the CEO of Gucci), her rep said today.

“We are sad to announce the engagement of Salma Hayek and Francois-Henri Pinault has been canceled,” publicist Cari Ross said in a statement. “There will be no further comment.”

The couple have a child together, daughter Valentina Paloma Pinault.

Salma probably realized she doesn’t need to marry the dude. Little Valentina will keep her rolling in Pinault dough for the rest of her life!

Meet Valentina Pinault, two months old.

I love this kid already.

Check out the expression on her face. She’s all like, “What’s up, motherfuckers? Ready for me to turn 18 or what?”

Love it love it love it.

Oh, yeah. I remember now. It’s just that I never cared.

Salma popped out the kid on Friday, a little girl named Valentina Paloma Pinault. Mother and baby are doing well, and hopefully Salma will never again have to attend formal events dressed for the Renaissance Fair.

Remember this chick? She was Al Lambert, the little tomboy girl, on Step by Step. She’s worked steadily in television guest roles since, but not in anything you’d remember. She was in Georgia Rule, which no one saw, and she’ll be in Paris Hilton’s upcoming The Hottie and the Nottie, which, God willing, no one will see. Anyway, she popped up at the Colette Jewelry party in L.A. on Thursday night, and she made damn sure the cameras caught her side boob. Because Paris Hilton is in jail and anyone can be famous until June 25.

Also there: Salma Hayek, who doesn’t seem to be too concerned about gaining a ridiculous amount of pregnancy weight, and I’d give her shit for that, but you know what? Good for her. And Brooke Burke, who is adorable.

Want more?

Be sure to check out our nip slip gallery and our upskirt/labia slip gallery.

So this isn’t much of a shocking story, but according to Us Weekly, Salma Hayek pretty much used her uber-rich slightly uggs hubby-to-be for his sperm.

“Salma and Francois haven’t even been dating a year. They were friends for awhile,” says a source. “The truth is that Salma is 40 years old and really wanted a baby. She’s gotten to the point where she really wanted a baby. Francois treats her amazingly and she knew he would be a good father. Most of her friends barely know him! They’re just really happy for her because this is what she’s wanted. She’s spent years with the wrong guys, but she finally found someone that treats her really well.”

He not only treats her well but owns PPR, which makes Gucci and YSL handbags. A baby, rich husband, and free bags. Girl’s gotta be in heaven!

Salma Hayek, age 40, is both pregnant and engaged. Her fiancee is Francois-Henri Pinault, a ridiculously rich and powerful man (technically, according to TMZ, “the chairman of French luxury goods empire PPR SA, which owns high-end fashion houses like Gucci, Yves Saint Laurent, Balenciaga and Stella McCartney”) who has, as of yet, failed to put any of that money or power to good use on the appearance of his face. But that didn’t seem to bother Salma! My guess is his money and his power were instead focused on some sort of in-vitro procedure, because she’s a little old to be getting knocked up just because the rubber broke. Congratulations to Salma!

Since Penelope Cruz once dated gay gay Tom Cruise many have speculated that she is a closeted lesbian and that her close “friendship” with Salma Hayek is actually a hot love affair. Like the cute “friends” that they are I guess at some premiere Penelope pinched Selma’s butt in front of a bunch of paparazzi which promted many to start gabbing again about a relationship between the two.

On the David Letterman show this week Penelope had to deny deny deny that she isn’t having some hot latina action will Salma stating,

“We’re like sisters, and have the same sense of humour. But I did it in front of 100 photographers, and now apparently we’re lovers. I’m sorry to say, this is not the case.”

Honestly that would be the hottest lesbian couple ever. I’m kind of hoping that it is true. Actually most of the male population of the free world is hoping that this is true.

[source]