  A theory is presented for the effective charge of colloidal particles in
suspensions containing multivalent counterions. It is shown that if colloids
are sufficiently strongly charged, the number of condensed multivalent
counterion can exceed the bare colloidal charge leading to charge reversal.
Charge renormalization in suspensions with multivalent counterions depends on a
subtle interplay between the solvation energies of the multivalent counterions
in the bulk and near the colloidal surface. We find that the effective charge
is {\it not} a monotonically decreasing function of the multivalent salt
concentration. Furthermore, contrary to the previous theories, it is found that
except at very low concentrations, monovalent salt hinders the charge reversal.
This conclusion is in agreement with the recent experiments and simulations.
