  We formulate an extension of the Debye-Hueckel-Bjerrum theory [M. E. Fisher
and Y. Levin, Phys. Rev. Lett. 71, 3826 (1993)] to the fluid state of a highly
asymmetric charged colloid. Allowing for the formation of clusters consisting
of one polyion and n condensed counterions, the total Helmholtz free energy of
the colloidal suspension is constructed. The thermodynamic properties, such as
the cluster-density distribution and the pressure, are obtained by the
minimization of the free energy under the constraints of fixed number of
polyions and counterions. In agreement with the current experimental and Monte
Carlo results, no evidence of any phase transition is encountered.
