Uplay.exe - System Error libcef.dll is missing caused by Winzip.

Uplay.exe - System Error
The program can't start because libcef.dll is missing from your computer. Try reinstalling the program to fix this problem.

Thats what faced me today :-(

Turn out that I had installed Winzip and it seems to destroy some dll links.

Fix it this way:
1) Uninstall winzip
2) Re-start
3) Re-install uplay
4) Game-on!
:-)