The thermodynamic instabilities of a binary mixture of sticky hard spheres (SHS) in the modified mean spherical approximation (mMSA) and the Percus–Yevick (PY) approximation are investigated using an approach devised by Chen and Forstmann [J. Chem. Phys. 97, 3696 (1992)]. This scheme hinges on a diagonalization of the matrix of second functional derivatives of the grand canonical potential with respect to the particle density fluctuations. The zeroes of the smallest eigenvalue and the direction of the relative eigenvector characterize the instability uniquely. We explicitly compute three different classes of examples. For a symmetrical binary mixture, analytical calculations, both for mMSA and for PY, predict that when the strength of adhes...