Bad news everyone!
Nothing is official yet but according to this website (http://www.wootgaming.fr/article-jeuvideo-578-michel-ancel-quitte-le-navire.html), Michel Ancel has quit Ubisoft Montpellier along with another person (their identity remains unknown, they just say he is another "star developer") to found a new studio. It seems that there were some internal problems concerning Beyond Good and Evil 2's development (which was supposedly well under way). The development could be paused again, but they have strong reasons to believe it is cancelled...
On a more positive note, Ancel has also expressed the desire to get back to more "classical" games (read: 2D). He is still working for Ubisoft though, and the article states that they do not know in which terms this whole thing happenned.
Official statement coming in the next weeks, possibly during E3.