04/15/2009 AT 04:55 PM EDT
won't be having an extravagant, multi-million dollar wedding bash anytime soon – or ever.
The actress, who quietly wed
Francois-Henri Pinault at City Hall in Paris on Valentine's Day, is debunking reports that she's planning a lavish follow-up ceremony and reception at the end of April.
"I think a wedding is about love, friends, family and fun," Hayek, 42, tells PEOPLE exclusively. "I think spending millions of dollars on a wedding is ridiculous and it has never been my dream. I would never do that."
The actress-producer and Pinault, 46, the CEO of luxury-goods company PPR welcomed daughter Valentina Paloma
in September 2007.
Reporting by JULIE JORDAN